TSX Gains as Cenovus Energy and Gold Exports Lift Toronto Market

According to Statistics Canada, the nation’s merchandise trade deficit narrowed to C$1.31 billion ($955.1 million) in December. This improvement followed a surge in gold shipments and record-breaking exports to non-U.S. markets, which helped stabilize the broader economy despite selling pressure in health and technology services.

Cenovus Energy emerged as a primary driver for the energy sector, with shares rising 2.8% to C$31.32. The company attributed its fourth-quarter profit growth to increased oil production across its core operations. Conversely, the mining sector faced headwinds as B2Gold shares tumbled 6.8% to C$6.84 after the company reported a decline in gold sales and cited foreign exchange volatility as a significant drag on its bottom line.

Corporate Moves and Diversification

Performance across the consumer and industrial sectors remained mixed. While Canadian Tire reported robust holiday sales at its SportChek and Mark’s banners, its stock price retreated 0.3% to C$184.14 after paring gains from an earlier session high. Meanwhile, MDA Space signaled a strategic shift into national security by launching 49North, a subsidiary dedicated to defense-oriented command systems and mission-critical capabilities.

• MTY Food Group rose 2.5% to C$42.83 as domestic profit gains offset international weakness.
• The blue-chip S&P/TSX 60 index finished the session up 0.1% at 1940.05.
• Industrial and materials stocks joined energy as the day's top-performing sectors.