TSX Moderately Higher As Materials Stocks Rise
(RTTNews) - Canadian stocks moved higher on Tuesday, led largely by strong gains in the materials sector as metal prices moved up. Healthcare, financials and technology stocks were among the other notable gainers.
Despite the fairly strong upmove, the mood in the market remained cautious with investors awaiting the monetary policy announcements from the Bank of Canada and the Federal Reserve on Wednesday.
The Federal Reserve is widely expected to lower interest rate by 25 basis points, while the Canadian central bank may decide to hold rates. The accompanying statements from the central banks are eyed for clues about possible rate moves in the coming months.
The benchmark S&P/TSX Composite Index was up 170.50 points or 0.55% at 31,340.47 nearly half an hour past noon.
The Materials Capped Index surged nearly 2%. Pan American Silver Corp soared 11.5%. Aya Gold & Silver and Frist Majestic Silver Corp gained 7.5% and 6.8%, respectively. Endeavour Silver Corp., New Gold, Perpetua Resources, Eldorado Gold and Skeena Resources also rose sharply.
In the financials sector, Sprott gained 2.5%. Brookfield Asset Management, EQB., Great-West Lifeco, Manulife Financial, SUn Life Financial, Igm Financial and IA Financial moved up 1 to 2%.
Healthcare stock Curaleaf Holdings surged nearly 8%. Chartwell Retirement Residences gained about 0.5%.
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