Canadian Market Extends Recent Gains; Consumer Staples Stocks Shine
(RTTNews) - The Canadian market was up firmly in positive territory a little past noon on Tuesday, lifted by strong gains in consumer, industrials and real estate sectors. Optimism about an interest rate cut by the Federal Reserve in December continued to underpin sentiment.
The benchmark S&P/TSX Composite Index was up 265.95 points or 0.87% at 30,870.30 a few minutes past noon.
The Consumer Staples Capped Index was up 2.7% at noon. Alimentation Couche-Tard, the top gainer in the sector, was up 5.2%. Premium Brands Holdings Corp., George Weston, Loblaw Companies and Empire Company were up 2 to 3%.
The Consumer Discretionary Capped Index climbed 2.1%, with Brp Inc. turning in a fine performance, soaring nearly 7.5%. Restaurant Brands International, Canadian Tire Corporation and Magna International were up 3.3%, 2.3% and 2%, respectively. Dollarama firmed up by 1.5%.
In the real estate sector, Northwest Healthcare Properties, H&R Real Estate, Colliers International Group, Choice Properties, Primaris, Smartcentres Real Estate Investment Trust and Dream Industries were up 1 to 2%.
Among other notable gainers were Canadian Pacific Kansas, Canadian National Railway, Bank of Nova Scotia, Manulife Financial, Barrick Gold Corp., and Agnico Eagle Mines.
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