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Canadian Stocks See Modest Gains Mid-Trading


Mixed Performance in Various Sectors

Stocks in Canada experienced modest gains during mid-trading on Friday, with sector performance showing mixed results. Leading the gainers were the communications, retail, and industrial services sectors, while the tech services and tech sectors lagged behind, followed by health services.

Canadian Wholesale Trade Slightly Lower Than Expected in December

On the macroeconomic front, Canadian wholesale trade in December was slightly lower than expected. Personal and household goods saw a rise in sales, contributing to a positive year for the sector as a whole.

Stock Market Performance

  • Canada’s S&P/TSX Composite Index rose by 0.34% to 21295.31.
  • The blue-chip S&P/TSX 60 saw a 0.41% increase, reaching 1286.28.

Air Canada Shares Decline

Shares of Air Canada dropped by 7.1% to 17.89 Canadian dollars ($13.29) after reporting lower-than-expected capacity growth and higher-than-expected costs in its 2024 guidance. However, in the fourth quarter, the Canadian airline did report higher profit and better-than-expected revenue due to increased demand for air travel.

Other Market Movers

  • TC Energy saw a 2.4% increase to C$53.23 after reporting a profit in the fourth quarter. It also mentioned that it expects lower earnings in 2024 following the sale of its stake in Columbia Gas and Columbia Gulf last year.
  • Canadian miner B2Gold’s stock was slightly lower, down 0.9% to C$3.39, after three workers were killed in an attack on an employee transport convoy in Mali.
  • Galiano Gold reported earnings for the fourth quarter that missed expectations due to higher costs. Shares were down 1.6% at C$1.21 but made a recovery from earlier lows of C$1.10.

Efforts Underway to Roll Back Deduction Cap for State and Local Taxes

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