Base Metal Stocks Spark Wide-Ranging Advance in Canada’s Main Stock Index

Strength in base metal stocks ignited a broad rally across various sectors, taking Canada's primary stock index, the S&P/TSX composite, to higher levels during late morning trade. This surge also coincided with an uptick in United States stock markets.

The S&P/TSX composite index experienced a rise, gaining 58.08 points to reach 20,233.85. Meanwhile, key American indexes also reflected positive momentum. The Dow Jones industrial average increased by 80.56 points to 35,027.84, the S&P 500 index grew by 19.07 points to 4,533.09, and the Nasdaq composite climbed 107.08 points, resulting in a level of 14,232.56.

In currency markets, the Canadian dollar saw a slight decrease in value, trading at 72.84 US cents compared to 72.88 US cents previously.

Commodity prices exhibited volatility with the January crude oil contract moving up by US$2.02, priced at US$78.06 per barrel. However, December natural gas contracts fell modestly, shedding four cents to land at US$2.92 per mmBTU.

Looking at precious metals, the December gold contract decreased by US$9.50, concluding the trading at US$1,975.20 per ounce. Conversely, the December copper contract showed strength, rising six cents to US$3.80 a pound.

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