04.02.202621:06:01UTC+00TSX Gains for 3rd Straight Session

On Wednesday, the S&P/TSX Composite Index climbed by 0.5%, closing above the 32,564 mark and marking a third day of consecutive gains. This upward trend was propelled chiefly by robust performances in the commodity-linked sectors. The gold mining sector emerged as a standout performer, with bullion prices on the rise boosting Agnico Eagle shares by 3.1% and Wheaton Precious Metals by 2.6%. Energy stocks also followed suit, as companies like Canadian Natural, Imperial Oil, Cenovus, and Tourmaline recorded significant increases, ranging from 1.8% to 3.6%, in response to higher oil prices. Additional support came from industrials and defensive stocks, particularly in railway sectors and consumer staples. However, the financial sector displayed mixed results. On the downside, the technology sector exerted downward pressure on the index, with notable declines in Shopify, which dropped by 4%, and Celestica, which plummeted by 7.1%. Adding to the mixed sentiment, recent domestic macroeconomic indicators, specifically the PMI data, pointed to continued contraction in private sector activity for January.