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CANADA STOCKS-TSX steadies as mining lends support and jobs data awaited
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CANADA STOCKS-TSX steadies as mining lends support and jobs data awaited
Jan 9, 2025 8:18 AM

(Update with market opening prices)

By Ragini Mathur

Jan 9 (Reuters) - Canada's main stock index edged higher

on Thursday in thin trade, supported by metal mining shares,

while investors awaited monthly jobs data from Canada and the

U.S. for clues on future interest rates.

The S&P/TSX composite index was up 0.09%, or 22.36

points, at 25,074.04.

Trading volumes were lighter than usual, with the U.S. stock

market closed for the day to mark the national day of mourning

following the death of former president Jimmy Carter.

On TSX, materials led the gains by rising 1.3% as

gold prices jumped to a near four-week high, supported by

safe-haven demand.

On Friday, the market will turn to U.S. nonfarm payrolls

data to gauge the direction of inflation and the Federal

Reserve's policy rate path.

At its last monetary policy meeting in December the Fed

signaled a more cautious pace of rate cuts, but analysts said

the mood could be shifting.

"One realization that has been taking hold in the U.S. is

the fact that the battle with inflation could be a longer," said

Shiraz Ahmed, senior portfolio manager and founder of Sartorial

Wealth at Raymond James.

Canadian employment figures, also due on Friday, will set

the tone for policy easing by the Bank of Canada.

"In the U.S, the job market's been quite resilient relative

to Canada. And I think Canada's unemployment numbers will slowly

be continuing to rise as time progresses," Ahmed said.

One possible source of inflation could be threatened tariffs

from President-elect Donald Trump.

A report on Wednesday said Trump was considering a national

economic emergency to allow for new tariffs.

Another report on Thursday said Ottawa was considering

retaliatory tariffs on U.S. products, including orange juice,

should Trump impose a 25% tariff on goods imported from north of

its border.

Among individual stocks, K92 Mining ( KNTNF ) shares rose 16%

to the top of the index.

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