S&P/TSX Composite Rises on Basic Materials as U.S. Markets Close
On Monday, Canada’s primary stock index demonstrated a positive trend, buoyed by the basic materials sector. The S&P/TSX composite index increased by 17.47 points, reaching 33,058.02.
Impact of U.S. Market Closure
The U.S. stock markets remained closed in observance of Martin Luther King Jr. Day, which contributed to a calmer trading environment in Canada.
Currency and Commodity Updates
- The Canadian dollar was valued at 72.11 cents in U.S. dollars, an increase from 71.88 cents on Friday.
- The March crude oil contract saw a slight decline of one cent, settling at US$59.33 per barrel.
- Conversely, the February gold contract surged, climbing US$82.40 to reach US$4,677.80 an ounce.
Market Outlook
With the ongoing influence of basic materials on stock performance, analysts will closely monitor trends in commodity prices. Factors affecting this sector will likely dictate movements in the S&P/TSX composite index.
