07.01.202621:04:36UTC+00TSX Gives Back Record High

The S&P/TSX Composite Index declined by 0.8%, closing at 32,136 on Wednesday. This dip follows two successive record highs, affected primarily by renewed pressure on energy stocks. Canadian Natural and Cenovus saw their shares drop by over 2%, continuing their weekly downturn. This decline was influenced by U.S. President Donald Trump's indication of plans to resume Venezuelan crude oil imports, sparking concerns about increased supply and competition impacting Canadian exporters. Despite this, Prime Minister Mark Carney commented that Canadian crude remains a low-risk and competitive option, even with a potential rise in Venezuelan exports. Beyond the energy sector, prominent railways such as Canadian Pacific and Canadian National were notably weak performers, with each losing over 3.6%. In terms of economic data, the Ivey Purchasing Managers Index (PMI) rose to 51.9 in December from 48.4 in November, outperforming expectations of 49.5 and indicating a return to expansion following a brief contraction.