Canadian Market Modestly Higher; Materials Shares Move Up
2024-08-19
1233
(fxcue news) - The Canadian market is modestly higher Monday afternoon thanks to some strong buying in the materials sector. Real estate and consumer discretionary stocks are among the other gainers in the market where the undertone remains fairly positive amid expectations the Federal Reserve will cut interest rate next month.
The benchmark S&P/TSX Composite Index, which climbed to 23,192.49 earlier in the session, was up 69.02 points or 0.3% at 23,123.63 a little while ago.
The Materials Capped Index is up 1.5%. Silvercrest Metals (SIL.TO), Torex Gold Resources (TXG.TO), Seabridge Gold Inc (SEA.TO), Fortuna Silver Mines (FVI.TO), Ssr Mining (SSRM.TO) and New Gold Inc (NDG.TO) are up 4 to 5.3%.
Real estate stocks Crombie Real Estate Investment (CRR.UN.TO) and FirstService Corp (FSV.TO) are gaining 1.3% and 1.2%, respectively.
Consumer discretionary stock Canada Goose Holdings (GOOS.TO) is climbing more than 5%. Spin Master Corp (TOY.TO) is up 3%, while Linamar Corp (LNR.TO), Magna International (MG.TO) and Restaurant Brands International (QSR.TO) are gaining 1 to 1.5%.
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