Canadian Stocks Look Set For Another Firm Close

(RTTNews) - Canadian market is up firmly in positive territory Thursday afternoon thanks to strong gains in several stocks from industrials, consumer, utilities and communications sectors.

A fairly steady display by some financials stocks is also contributing to market's gains.

The mood remains cautious amid continued uncertainty surrounding U.S. President Donald Trump's tariff plans and policy moves.

In Davos, Trump reaffirmed his earlier promises of tax cuts, tariffs on trading partners, and increased energy production. He also urged the Federal Reserve and other major central bank to cut interest rates.

The benchmark S&P/TSX Composite Index, which climbed to 25,432.81 earlier in the session, was up 84.04 points or 0.33% at 25,395.54 a little while ago.

On the economic front, data from Statistics Canada showed that retail sales in Canada incresed 1.6% in November 2024, over the same month in the previous year. According to preliminary estimates, retail sales are expected to surge 1.6% month-over-month in December 2024. That will be the biggest gain since May 2022.

Propel Holdings (PRL.TO) is up 8.25% and Canadian Tire Corporation (CTC.A.TO) is rising nearly 8%. K-Bro Linen (KBL.TO), goeasy (GSY.TO), Terravest Industries (TVK.TO) and Brookfield Renewable Corporation (BEPC.TO) are up 3 to 4.2%.

George Weston (WN.TO), MTY Food Group (MTY.TO), Methanex Corporation (MX.TO), E-L- Financial Corporation (ELF.TO), Canadian National Railway (CNR.TO), EQB Inc (EQB.TO), Canadian Pacific Kansas City (CP.TO) and Nutrien (NTR.TO) are gaining 2 to 3%.

Among the notable losers, TransAlta Corporation (TA.TO), Dundee Precious Metals (DPM.TO), Molson Coors Canada (TPX.B.TO), Osisko Gold Royalties (OR.TO) and Lundin Gold (LUG.TO) are down 2 to 3.4%.

Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO), Hut 8 Corp (HUT.TO), Precision Drilling Corporation (PD.TO) and Franco-Nevada Corporation (FN.TO) are lower by 1 to 2%.