AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,399 Increased By 104.2 (1.43%)
BR30 24,136 Increased By 282 (1.18%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)

Canada’s main stock index advanced on Friday, with materials and real estate shares leading gains, setting the benchmark index up for its second straight weekly increase as it heads into the Christmas break.

At 9:43 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 151.33 points, or 0.73%, at 20,917.06, touching its highest level since June 2022.

The materials sector, which houses Canada’s major mining firms, advanced 2.0%, with precious metal miners leading the charge on rising precious metal prices.

Real estate and industrials were also amongst top gainers, rising 1.0% and 0.7%, respectively.

On the data front, Canada’s economy was essentially unchanged for the third consecutive month in October, missing growth forecasts, but gross domestic product likely edged up in November.

In the United States, annual inflation slowed further below 3% in November, and underlying price pressures continued to abate, which could cement financial market expectations for an interest rate cut next March.

“It’s tempting just to say these data are all consistent with the soft landing story and leave it at that, but if the recent inflation trends continue, as we expect, the Fed likely will face the risk of an inflation undershoot to target by late next or early 2025,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Traders held the view that the Fed will start cutting interest rates in March.

The benchmark Canadian index is on track to log its second straight week of gains as global markets rallied on continued optimism over the Fed’s dovish pivot last week.

The Canadian markets will be shut on December 25-26 on account of Christmas and Boxing Day holidays.

Among individual stocks, logistics firm TFI International gained 5.2% after it said it had agreed to acquire Daseke, in a deal valued at about $1.1 billion.

Comments

200 characters