The S&P/TSX Composite Index edged up 0.2% to close at 24,846 on Thursday, marking its third consecutive session of gains, buoyed by financial and tech stocks, which continued to benefit from dovish expectations for the US Federal Reserve. Notable contributors included RBC, Brookfield, Constellation Software, and CIBC, with gains ranging from 0.8% to 1.7%. However, energy stocks weighed on the index, as Canadian Natural, Suncor, and Cenovus fell between 1.3% and 2.2% amid declining oil prices. In contrast, Imperial Oil gained 1% to C$98.8, bolstered by Zacks Research’s upgraded FY2024 earnings forecast to $8.44 per share from $8.4 and analyst upgrades, including price target increases from JPMorgan Chase (C$100) and Royal Bank of Canada (C$101). Meanwhile, Canada Mortgage and Housing Corporation reported that housing starts plunged 13.35% month-over-month to 231,500 units in December, marking a three-month low and falling short of market expectations of 245,000 units.
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