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Canadian Market Modestly Higher Around Noon
(RTTNews) - After opening slightly up and climbing higher subsequently, the Canadian market pared some gains Tuesday morning but edged higher again as buying resumed at several frontline counters.
The mood is cautious amid lingering worries about global economic slowdown due to rising borrowing costs.
The benchmark S&P/TSX Composite Index is up 121.07 ponts or 0.63% at 19,321.83 a few minutes past noon.
Magnet Forensics (MAGT.TO), AutoCanada (AC.TO), Magna International (MG.TO), Bombardier Inc (BBD.A.TO), TFI International (TFII.TO), Premium Brands Holdings (PBH.TO), CargoJet (CJT.TO), West Fraser Timber (WFG.TO) and FirstService (FSV.TO) are down 1 to 4%.
Pan American Silver Corp (PAAS.TO) is climbing nearly 8%. SSR Mining (SSRM.TO), MAG Silver (MAG.TO) and Newmont Corporation (NGT.TO) are gaining 5 to 5.5%.
Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO), Brookfield Asset Management (BAM.TO) and Shopify Inc (SHOP.TO) are up 2.5 to 4%.
Franco-Nevada Corporation (FNV.TO), National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO) are up 1 to 1.5%.
On the economic front, data from Statistics Canada showed retail sales in Canada likely fell by 0.5% month-over-month in November of 2022, preliminary estimates showed. Considering October, retail sales rose 1.4% from a month earlier, slightly below preliminary estimates of a 1.5% increase and rebounding from the upwardly revised 0.6% drop in September. Year-on-year, retail turnover rose by 6.4% in October.
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