TSX Starts New Year On Strong Note

(RTTNews) - The Canadian market ended the first trading session on a strong note, as materials and energy stocks climbed higher on firm metal and crude oil prices on Thursday.

Data showing continued expansion in Canada's manufacturing activity also helped underpin sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 25,003.17 in the session, closed with a gain of 170.09 points or 0.69% at 24,898.03.

Data from S&P Global showed Canada's manufacturing activity continued to expand for a fourth straight month.

The S&P Global Canada Manufacturing PMI rose to 52.2 in December 2024, up from 52 in November and exceeding market estimates of 51.9. This marked the strongest factory activity growth since February 2023.

Hut 8 Corp (HUT.TO) climbed 7.2%. Transcontinental Inc (TCL.B.TO), MAG Silver Corp (MAG.TO), Pan American Silver Corp (PAAS.TO), Eldorado Gold (ELD.TO), Agnico Eagle Mines (AEM.TO), Alamos Gold (AGI.TO) and Lundin Gold (LUG.TO) gained 4 to 6.7%.

Wheaton Precious Metals (WPM.TO), Sprott Inc (SII.TO), Newmont Corporation (NGT.TO), Precision Drilling Corporation (PD.TO) and Franco-Nevada Corporation (FNV.TO) gained 3 to 4%.

Stella-Jones (SJ.TO), Canadian Pacific Kansas City (CP.TO), TC Energy Corporation (TRP.TO), Canadian Tire Corporation (CTC.A.TO), Cameco Corporation (CCO.TO), Premium Brands Holdings (PBH.TO), Imperial Oil (IMO.TO), Shopify Inc (SHOP.TO) and Celestica Inc (CLS.TO) also posted impressive gains.