Canadian Stocks Rise for 2nd Straight Week, Advanced for week

The S&P/TSX Composite index closed 0.5% higher at the 20,881 level on Friday, reaching the highest since May 2022, supported by looser financial conditions. Preliminary data indicated that the Canadian GDP expanded from the previous month in November, while that for October was revised to show a stall. This aligns loosely with the Bank of Canada’s outlook for the country’s economic performance, maintaining the central bank’s hawkish outlook. Canadian government bonds continued to receive support from higher demand in US Treasuries and improved lending conditions for Canadian banks .TD Bank and BMO added 0.4% and 0.7% respectively, following the Federal Government’s approval of the bank’s acquisition of HSBC’s domestic unit. Gold miners and oil producers also traded in the green, tracking their respective commodities. On the week, the Canadian index jumped by 1%. The Toronto Stock Exchange is closed until December 27.

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