S&P/TSX Composite Gains on Basic Materials as U.S. Markets Close
Canada’s main stock index experienced gains during late-morning trading on Monday, largely driven by the basic materials sector. The S&P/TSX composite index rose by 17.47 points, reaching a total of 33,058.02.
S&P/TSX Composite Gains on Basic Materials
U.S. stock markets were closed in observance of Martin Luther King Jr. Day, contributing to the unique trading conditions in Canada. The Canadian dollar saw an increase, trading at 72.11 cents against the U.S. dollar, up from 71.88 cents on Friday.
Commodity Market Trends
- Crude Oil: The March contract fell by one cent, settling at US$59.33 per barrel.
- Gold: The February gold contract rose by US$82.40, now priced at US$4,677.80 per ounce.
This positive momentum in the Canadian market underscores the influence of the basic materials sector as a key driver for growth. With U.S. markets closed, Canadian traders focused on local developments affecting commodities and currency performance.
