17.12.202515:45:08UTC+00Canadian Stocks Edge Higher as Commodities Rally

On Wednesday, the S&P/TSX Composite Index inched up by 0.1%, surpassing the 31,000 mark after experiencing declines over the previous three sessions. This uptick was largely attributed to an increase in oil and metal prices, benefiting the commodity-centric index. The surge in oil prices followed an order from US President Trump to impose a complete blockade on sanctioned oil tankers operating in and out of Venezuela, which in turn bolstered major Canadian energy firms. Notably, Canadian Natural Resources and Imperial Oil saw gains of around 0.5%. Concurrently, gold and silver prices rose amid expectations of further rate cuts by the Federal Reserve next year, thereby supporting local mining companies. Barrick saw a 1.3% increase, while Teck Resources climbed nearly 4%. The technology sector also experienced an upswing, with Constellation Software rising 3% and Computer Modelling up by 2.9%. Shopify recorded a notable gain of over 3.8%. Conversely, there was a decline in the banking sector, with Royal Bank of Canada dipping by 0.5% and TD Bank falling by 0.8%.