TSX Continues To Climb Higher, Extends Winning Streak To 9th Straight Day

(RTTNews) - Despite moving in a tight band in lackluster trade, the Canadian market closed higher on Friday, extending gains to a ninth straight day, the longest winning run in over three years. Worries about potential new tariffs by the U.S. weighed on sentiment and limited market's upside.

The benchmark S&P/TSX Composite Index closed up 34.41 points or 0.14% at 25,468.49, the highest finish in six weeks. The index gained about 1.6% in the week.

Communications and utilities shares were the notable gainers. Technology and energy stocks closed weak, while shares from the rest of the sectors closed on a mixed note.

Torex Gold Resources (TXG.TO), Canadian Tire Corporation (CTC.TO), Propel Holdings (PRL.TO), Boyd Group Services (BYD.TO) and Pollard Banknote (PBL.TO) gained 3 to 5%.

Pan American Silver Corp (PAAS.TO), Hut 8 Corp (HUT.TO), Magna International (MG.TO), CCL Industries (CCL.A.TO), Aritzia Inc (ATZ.TO), Rogers Communications (RCI.A.TO), Dayforce (DAY.TO), Wheaton Precious Metals (WPM.TO) and Constellation Software (CSU.TO) climbed 1.5 to 2.5%.

Richelieu Hardware (RCH.TO), Ag Growth International (AFN.TO), AtkinsRealis (ATRL.TO), Imperial Oil (IMO.TO), Nutrien (NTR.TO), Parkland Corporation (PKI.TO), Badger Infrastructure (BDGI.TO), ATS Corporation (ATS.TO) and Cameco Corporation (CCO.TO) lost 1.6 to 3.2%.

Agnico Eagle Mines (AEM.TO) gained 1.2%. Agnico Eagle Mines and O3 Mining (OIII.V) jointly announced that Agnico Eagle has taken-up and acquired 110,424,431 common shares of O3 Mining, representing approximately 94.1% of the outstanding common shares of O3 Mining on a basic basis, pursuant to its take-over bid.

In economic news, new home prices in Canada decreased by 0.1% over a month in December 2024, following a 0.1% increase in November, data from Statistics Canada showed. House Price Index decreased to 0.1% (y-o-y) in December from 0.2% in November of 2024.

Manufacturing sales in Canada rose by 0.6% from the previous month in December of 2024, expanding on the 0.8% rise in the previous month, according to a preliminary estimate.