TSX Ends Modestly Higher

(RTTNews) - The Canadian market closed modestly higher on Tuesday, lifted by gains in mining stocks. The mood remained cautious with investors looking ahead to U.S. consumer price inflation data on Wednesday for more clarity about the outlook for Fed interest rates.

The benchmark S&P/TSX Composite Index closed with a gain of 52.26 points or about 0.2% at 24,588.58.

Communications and consumer staples stocks closed weak.

The Materials Capped Index climbed nearly 1.5%. Fortuna Silver Mines (FVI.TO), Silvercrest Metals (SIL.TO) and MAG Silver Corp (MAG.TO) gained 6.4 to 7.4%. First Majestic Silver Corp (AG.TO), Kinross Gold Corp (K.TO), New Gold (NGD.TO), Oceanagold Corp (OGC.TO) and Ssr Mining (SSRM.TO) climbed 4 to 5%.

Wesdome Gold Mines (WDO.TO) rallied 4.7%. The company announced that gold production in the fourth quarter increased to 49,567 oz from 36,216 oz last year. For fiscal 2025, Wesdome expects gold production to be in the range of 190,000 oz - 210,000 oz.

Fairfax Financial Holdings (FFH.TO) gained 2.4%. TerraVest Industries (TVK.TO), Celestica Inc (CLS.TO), Cargojet (CJT.TO), Hut 8 Corp (HUT.TO), Aritzia Inc (ATZ.TO), Methanex Corporation (MX.TO), Sprott Inc (SII.TO) and Gildan Activewear (GIL.TO) also closed with strong gains.

Cogeco Inc (CGO.TO) ended 7.5% down. The company reported adjusted diluted earnings per share of $2.82 for the quarter ended Nov. 30, 2024, compared to $2.57 a year earlier. Diluted earnings per share increased to $3.09 compared with the prior year figure of $2.21.

Cogeco Communications (CCA.TO) closed lower by nearly 6%. Loblaw Companies (L.TO), North West Company (NWC.TO), Empire Company (EMP.A. TO) and George Weston (WN.TO) also ended notably lower.