23.01.202614:47:36UTC+00TSX Poised for a Flat Week

The S&P/TSX Composite Index remained relatively steady just above the 33,000 mark on Friday, poised to finish the week without significant change. Gains in resource-related stocks were largely counterbalanced by declines in the technology and financial sectors, as investors re-evaluated Canada's growth prospects. The energy sector spearheaded the gains, with companies like Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus experiencing increases between 1.9% and 2.4%. This was driven by a rise in oil prices, marking a fifth consecutive weekly upswing. The mining sector also bolstered the index, with Barrick and Wheaton Precious Metals each climbing by about 1% following a surge in gold prices to a new record, amid escalating geopolitical tensions. Conversely, Shopify declined approximately 2%, leading losses within the technology sector, while significant banks such as BMO and Scotiabank, alongside Brookfield, recorded declines between 0.5% and 1%. On the economic front, December's weaker retail sales figures highlighted ongoing consumer weakness, raising doubts about the Bank of Canada's pause in easing monetary policy.