04:20 PM EST, 01/09/2025 (MT Newswires) -- The Toronto Stock Exchange posted a second-straight rise on Thursday as the resource-heavy exchange benefited from improving commodity prices.

The S&P/TSX Composite Index closed up 21.68 points to end at 25,073.36. The big gainers on the day were Base Metals, up 1.18%, and Battery Metals, up 0.66%. Telecoms, down0.69%, and Utilities, down 0.54%, were the biggest decliners.

Gold rose to the highest in nearly a month late afternoon on Thursday as treasury yields eased. Gold for February delivery was last seen up US$19.00 to US$2,691.40 per ounce, the highest since Dec.12. West Texas Intermediate (WTI) crude oil rose on Thursday on tight supply and declining U.S. inventories.

West Texas Intermediate crude oil for February delivery closed up US$0.60 to settle at US$73.92 per barrel, while March Brent crude was last seen up US$0.77 to US$76.93.

While some U.S. markets closed for the state funeral of former President Jimmy Carter, Canada is looking at levying retaliatory tariffs on a wide range of American-made goods, according to the Globe and Mail, including orange juice, ceramics such as toilets and sinks, and some steel products as part of a targeted response should Donald Trump proceed with a threat to impose a 25% tax on all products from Canada.

Further, the Globe is reporting that China says it is willing to deepen economic relations with Canada as this country's trading relationship with the United States looks to sour.

In other news, the Wall Street Journal noted Seven & i Holdings, the owner of the 7-Eleven convenience chain, reported a drop in quarterly profit, but promised to complete restructuring and seek further growth globally as it fends off a takeover offer from the Canadian owner of Circle K.

Seven & i Chief Financial Officer Yoshimichi Maruyama said Thursday that the company "is still considering options," including Alimentation Couche-Tard's (ATD.TO) bid, according to the WSJ. "The most important criterion is which choice will likely maximize corporate and shareholder value," said Maruyama.

Rosenberg Research on Thursday issued its 2025 outlook, expecting markets to be unsettled and recommending focusing on defensive sectors like utilities, financials and healthcare.

"The unifying theme of our 2025 outlook is that uncertainty has risen so significantly that it is now a core feature of the economy that needs to be factored into investment decisions explicitly in its own right. That would be concerning enough on its own, but what really has us worried is the combination of elevated risk and a striking level of complacency. A strangely uniform "soft landing with minimal rate reduction" outlook from the forecasting community, combined with the proliferation of passive investment strategies and widespread optimism surrounding Artificial Intelligence have sent market valuations into the top 3% levels on record, creating macroeconomic risks should a correction take hold," it noted.