TSX Recovers After Late Afternoon Setback, Ends Moderately Higher

RTTNews | 1079天前
TSX Recovers After Late Afternoon Setback, Ends Moderately Higher

(RTTNews) - The Canadian market, which shrugged off a weak start and climbed higher Tuesday morning, suffered a setback and briefly fell into the red in the penultimate hour of the session, but rebounded and ended the day's session on a positive note.

The benchmark S&P/TSX Composite Index dropped to 19,533.85 after having climbed to 19,743.32 earlier in the session, and finally settled at 19,660.31, recording a gain of 114.40 points or 0.59%.

Materials shares gained, tracking firm bullion prices. Shares from the utilities sector were the other prominent gainers. A few stocks from technology, real estate and consumer staples sections posted strong gains, while energy stocks closed mostly lower.

Kinross Gold Corporation (K.TO) and Barrick Gold Corporation (ABX.TO) both ended higher by about 6.8% on strong volumes. First Quantum Minerals (FM.TO), B2Gold Corp (BTO.TO) and Lundin Mining Corporation (LUN.TO) gained 5.9%, 5.1% and 3%, resectively, surging on huge volumes.

Teck Resources (TECK.A.TO), Wheaton Precious Metals (WPM.TO) and Franco-Nevada Corporation (FNV.TO) also ended sharply higher.

Pan American Silver Corp. (PAAS.TO) and Agnico Eagle Mines Limited (AEM.TO) announced that Yamana Gold (YRI.TO) has executed and delivered the arrangement agreement providing for the binding offer dated November 4, 2022. The Yamana Board unanimously recommended that Yamana shareholders vote against the arrangement between Yamana and Gold Fields at the shareholders' meeting.

Yamana Gold Inc climbed about 2.6%. Agnico Eagle Mines surged 5.47% and Pan American Silver Corp gained about 0.7%.

Maple Leaf Foods (MFI.TO) soared 12.4%. reported a net loss of $229.5 million for the third quarter. That includes a non-cash impairment of goodwill in the Plant Protein segment of $190.9 million. The stock is soaring nearly 11%.

Shopify Inc (SHOP.TO) ended higher by about 1.3%. Fairfax Financial Holdings (FFH.TO), Premium Brands Holdings Corporation (PBH.TO), Colliers International Group Inc (CIGI.TO), Cargojet (CJT.TO) and FirstService Corporation (FSV.TO) also ended notably higher.

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