Toronto-listed stocks started the week on a positive note as the last full week before Christmas and New Years got underway. Canadian equities experienced a 1% increase last week, although Friday saw some gains pared back after a two-day rally that resulted in the TSX reaching its highest level of 2023 on Thursday.
Positive Trends in Most Sectors
The majority of sectors showed upward trends, with energy leading the way. Consumer durables and distribution services also performed well, while tech, consumer discretionary, and utilities lagged behind.
Stock Index Performance
The S&P/TSX Composite Index rose by 0.46% to 20,624.13, and the blue-chip S&P/TSX 60 recorded a 0.50% increase, reaching 1,244.69.
Neighbourly Pharmacy Faces Share Price Decline
Shares of Neighbourly Pharmacy dropped by nearly 13% to 15.59 Canadian dollars ($11.65) after the pharmacy operator announced it will consider an updated offer from Persistence Capital Partners, which lowered its bid by 10% to acquire all the shares not currently owned.
Other Market News
- Santacruz Silver Mining sold its noncore subsidiary in Mexico to streamline its main business focus.
- Gildan Activewear’s shares declined as co-founder and former CEO Glenn Chamandy denied media reports about giving an ultimatum to the company’s board regarding strategy or potential acquisitions. The shares were down 1.8% at C$45.34.
