A photograph captured in Toronto on September 11, 2024, features the TMX logo. Credit for the image goes to Paige Taylor White of The Canadian Press.


November 29, 2024 Tags:

Canada's S&P/TSX composite index closed higher on Thursday, driven by gains in energy and industrial sectors. The market rose 55.22 points to settle at 25,543.52, reflecting a modest 0.22% increase. With U.S. markets closed for Thanksgiving, the day saw subdued trading activity. However, November remains a strong month for the TSX, with nearly a 6% rise to date, largely maintaining the momentum gained after the U.S. election.
The recent boost in investor sentiment stems from reduced uncertainty following the election, explained Kathrin Forrest, an equity specialist at Capital Group. Regardless of the election’s outcome, the resolution of uncertainty typically benefits risk assets, she noted.

Sectoral Trends and Economic Outlook
While technology stocks dominated gains throughout 2024, recent months have brought fresh strength to sectors like financials and consumer discretionary. This shift signals a broadening market appeal, said Forrest. Moreover, sectors expected to benefit from U.S. President-elect Donald Trump's economic proposals have also contributed to November’s rally.

Looking ahead, investors are eyeing key central bank decisions. The Bank of Canada is set to announce its interest rate policy on December 11, followed by the U.S. Federal Reserve on December 18. While there’s lingering speculation about potential rate cuts, uncertainty prevails. Canada’s economic growth and inflation figures, expected soon, could offer further clues about the Bank of Canada's direction.

Forrest pointed out that the Canadian economy has been more sluggish compared to the U.S., with higher interest rates putting pressure on Canadian consumers. Meanwhile, in the U.S., the Fed will weigh upcoming employment and inflation data before making its decision. Post-election, market expectations of U.S. rate cuts in 2025 have tempered, given the potential inflationary effects of Trump’s proposed policies.

Commodity Updates and Currency Movement
In commodities, January crude oil rose by 16 cents to US$68.88 per barrel, while natural gas gained nine cents to reach US$3.30 per MMBtu. Meanwhile, gold dipped by US$3.30 to US$2,652.60 an ounce, and copper slid a penny to US$4.13 per pound.

The Canadian dollar edged slightly higher, trading at 71.38 cents US, compared to 71.25 cents the previous day.

As November nears its end, markets are positioned for potential volatility as central bank decisions and fresh economic data unfold.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

You may also like

Wall Street Eyes Market Dips, But When Will It Be Safe to Buy?

The U.S. stock market is wrapping up one of its roughest quarters since the 1980s, trailing global markets by the....

Energy Stocks Boost S&P/TSX, U.S. Markets Mixed Ahead of Tariffs

Canada’s main stock index climbed on Monday, driven by gains in energy and industrial shares as oil prices surged. Meanwhile,....

Canada’s Economy Faces Slowdown as Tariff Pressures Rise

The Canadian economy started 2025 with momentum but is now losing steam due to harsh winter conditions and the looming....

Markets Slide 400 Points as Tariff, Inflation Fears Grow

Canadian and U.S. stock markets took a sharp dive on Friday as investors reacted to concerns about inflation and looming....

Stock Markets React as U.S. Auto Tariff Plans Shake Industry

Canada’s stock market remained unchanged on Thursday, while U.S. markets saw a dip following President Donald Trump’s announcement of new....

GameStop’s Bold Bitcoin Move Sparks Market Concerns

GameStop’s stock took a nosedive on Thursday after the company announced a controversial plan to sell debt and use the....

ICBC Announces $110 Rebates for Eligible Drivers

Many ICBC customers will soon receive $110 rebates, as the auto insurer distributes a new round of refunds. The rebates,....

Wall Street Holds Steady as Trump Media Soars Despite Market Uncertainty

Wall Street showed resilience on Tuesday, following a strong surge the previous day fueled by optimism that President Donald Trump’s....

S&P/TSX Gains as Metal Stocks Rise; U.S. Markets Also Up

Canada’s stock market saw a steady rise in late-morning trading, driven by gains in base metal stocks. The S&P/TSX composite....

Trump’s Tariff Shift Shakes U.S. Treasury Market

U.S. Treasury bonds took a hit as investors shifted toward riskier assets following reports that President Donald Trump’s upcoming tariffs....

Trump’s Trade War Reshapes Canada’s 2025 Election Debate

The rising cost of living has been a major issue for Canadians, and with the federal election on the horizon,....

Stock Markets Gain as Investors Eye Targeted US Tariffs

Stock futures in the US and Europe climbed on hopes that the next wave of tariffs from President Donald Trump’s....