TSX Hits New High, Up Nearly 0.5%; Materials Stocks Rally Again
(RTTNews) - After moving to a new record high thanks to strong buying in the materials sector, the Canadian market remains fairly well placed in positive territory a little past noon on Monday.
Amid geopolitical tensions and rising bets on more monetary easing by the Federal Reserve this year, gold and silver prices have risen sharply today, triggering hectic buying in the materials sector.
The benchmark S&P/TSX Composite Index was up 130.08 points or 0.44% at 29,898.44 a few minutes past noon.
The Materials Capped Index is up 1.7%. Endeavour Silver Corp and First Majestic Silver Corp are soaring 13.5% and 11.5%, respectively. Seabridge Gold is up 7.5% and K92 Mining is gaining 6.5%.
Barrick Mining Corp, B2Gold Corp, G Mining Ventures, Wesdome Gold Mines, Aya Gold & Silver, Methanex Corp, Oceanagold and Fortuna Mines are up 4 to 6%.
Energy stocks Paramount Resources and Nuvista Energy are gaining 6.3% and 5.3%, respectively. Canadian Natural Resources, Kelt Exploration, Headwater Exploration, Peyto Exploration and Vermilion Energy are up 1.3 to 2%.
Ivanhoe Mines, Canopy Growth, Interfor, Intact Financial, Ballard Power Systems, Constellation Software, Cameco and Loblaw Companies are down 2 to 3.4%.
On the economic front, Canada's industrial producer prices rose 4% year-over-year in August, marking the eleventh consecutive annual increase.
Canada's industrial producer prices rose 0.5% month-over-month in August, following a 0.7% gain in July.
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