S&P/TSX composite finishes slightly higher, U.S. markets closed for Thanksgiving

TORONTO – Canada’s main stock index finished narrowly in positive territory on Thursday as strength in technology and energy stocks offset losses in the consumer non-cyclicals sector amid a calmer trading day.

Anish Chopra, managing director with Portfolio Management Corp., said that Thursday’s trading session marked a quiet day on global markets as U.S. markets were closed for the Thanksgiving holiday.

He noted that trading on the TSX was “pretty light” and was mostly moving in line with underlying commodity prices.

“I believe the price of oil is up very modestly today. So you’re starting to get a tick up in the energy stocks as well,” Chopra said.

As a result of the light trading, he said it is difficult to read into the moves on Canada’s benchmark index.

On Thursday, investors digested news that Prime Minister Mark Carney and Alberta Premier Danielle Smith signed an agreement that commits them to working toward building an oil pipeline to the West Coast.

“I think more pipelines in Canada is certainly positive for the energy sector,” Chopra said, adding that it will take time for everything to play out.

Investors will also be watching a release on Friday from Statistics Canada regarding gross domestic product for September and the third quarter as a whole. Chopra said the Canadian economy has fared better than expected in the face of trade tensions and tariffs this year.

“I think investors have been positively surprised by the resilience of the Canadian economy, and when they look at GDP numbers, they’re just looking to see whether that resilience will continue,” he said.

The S&P/TSX composite index was up 16.46 points at 31,196.71.

While U.S. markets were closed for the Thanksgiving holiday, Chopra said there will be some important data coming out in the coming weeks that will have an impact on the direction of the stock market.

“That’s U.S. inflation numbers, that’s U.S. job numbers, and they’ll help to drive the U.S. Federal Reserve interest rate decision,” he said.

Currently, Chopra said investors are expecting the Fed to cut interest rates at its next decision on Dec. 10.

There has been some recent volatility in the U.S. tech sector, he said, but the prospect of lower interest rates could change things.

“I think with the expectation that the U.S. Federal Reserve will reduce interest rates in mid-December, I think that’s put a positive backdrop for taking on risk for investors,” Chopra said.

The Canadian dollar traded for 71.26 cents US compared with 71.13 cents US on Wednesday.

The January crude oil contract was up 45 cents US at US$59.10 per barrel as of late afternoon Thursday, while the February gold contract was down US$12.70 at US$4,189.60 an ounce.

This report by The Canadian Press was first published Nov. 27, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)