24.12.202514:05:58UTC+00Canada Stock Futures Trade Sideways

Ahead of a shortened Wednesday trading session, futures linked to the S&P/TSX Composite Index displayed little movement, reflecting the low trading volumes typical during the holiday season on North American exchanges. On Tuesday, the index reached a record high of 32,060, buoyed by optimism surrounding Canada's major corporations and significant gains in the heavyweight commodity sector. Companies involved in oil exploration, drilling, and pipeline operations benefited from rising crude oil prices, attributed to increased fuel consumption in Asia and uncertainties regarding Venezuelan oil supplies due to sanctions. Additionally, geopolitical tensions in Venezuela and Russia have further pushed energy prices up, leading to a heightened demand for gold, thereby boosting Toronto-listed mining companies. Meanwhile, the latest minutes from the Bank of Canada indicated that the central bank is less inclined than the Federal Reserve to implement rate cuts in the coming year. Despite this, Canadian bond yields maintained a decline earlier in the week, providing some relief to the banking and insurance sectors.