02.01.202617:14:22UTC+00TSX Rises on Energy and Banking Stocks

On Friday, the S&P/TSX Composite Index climbed to surpass 31,500 points, driven by robust performances in the energy and banking sectors. Notably, major players in the oil industry such as Imperial Oil, Suncor Energy, and Cenovus Energy posted gains of 1.4%, 1.1%, and 2%, respectively. The financial sector also saw upward movement, highlighted by increases in Brookfield Corporation (+1.1%), Bank of Montreal (+0.8%), and Bank of Nova Scotia (+0.5%). However, the mining sector did not fare as well, with Agnico Eagle Mines, Barrick Gold, and Wheaton Precious Metals experiencing declines of 1.6%, 1.1%, and 1.4%, respectively. Capstone Copper's shares dropped 3.3% following the announcement of an impending strike by a union representing nearly half of its workforce at the Mantoverde copper and gold mine in Chile. Conversely, Cameco Corporation's shares soared by more than 7% due to a positive trend in the uranium market. On the macroeconomic front, the S&P Global Canada Manufacturing PMI recorded a slight increase to 48.6 in December from 48.4 in November, marking the eleventh consecutive month it has remained below the critical 50.0 threshold.