Canadian Market Up Firmly In Positive Territory; Materials, Cannabis Stocks Rise
(RTTNews) - Despite rising risk of a potential US government shutdown, the Canadian market is up firmly in positive territory on Monday, with materials stocks turning in a fine performance thanks to higher metal prices.
Healthcare and consumer staples stocks are among the other prominent gainers. Energy stocks are down, weighed down by weak oil prices.
The recent PCE data from the U.S. has raised hopes of further rate cuts by the Federal Reserve this year.
The benchmark S&P/TSX Composite Index was up 159.60 points or 0.54% at 29,920.88 a few minutes past noon.
The Energy Capped Index is up nearly 2%. Hudbay Minerals and Capstone Mining Corp are up 9% and 8.5%, respectively. First Quantum Minerals, Ivanhoe Mines, Seabridge Gold, Ero Copper, Equinox Gold, Aya Gold & Silver and Teck Resources are gaining 4.5 to 8%.
Tilray is soaring nearly 40%. Aurora Cannabis is up with a hefty gain of 30%. Coronos Group and Canopy Growth are gaining 18% and 16%, respectively.
Consumer staples stocks Maple Leaf Foods, Alimentation Couche-Tard, Empire Company and Metro Inc. are gaining 1 to 1.7%.
Energy stocks Vermilion Energy, Baytex Energy, International Petroleum Corp., PrairieSky Royalty, Headwater Exploration, Whitecap Resources, Kelt Exploration and Parex Resources are down 2 to 5%.
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