Canadian Market Modestly Higher; Teck Resources Soars 15% On Merger News

(RTTNews) - The Canadian market is up in positive territory Tuesday afternoon with energy stocks contributing significantly to the upmove. A few stocks from financials and utilities sectors are also up in positive territory, while consumer discretionary, technology and communications shares are weak.

Expectations of interest rate cuts by the Bank of Canada and the Federal Reserve contribute to the positive mood in the market.

The benchmark S&P/TSX Composite Index, which climbed to a new high of 29,119.69 earlier in the session, was up 71.60 points or 0.25% at 29,099.33 a little while ago.

Teck Resources is soaring nearly 15% after the miner announced a merger of equals with Anglo American plc, creating Anglo Teck, a new critical minerals powerhouse and one of the world's top five copper producers.

The merger brings together Teck's and Anglo American's world-class copper assets, premium iron ore, and zinc operations, positioning Anglo Teck as a diversified global mining leader headquartered in Canada. With copper representing more than 70% of investor exposure, the combined group will rank among the world's leading producers of a metal critical to electrification, renewable energy, and decarbonization.

Energy Fuels is gaining 11.5% and Hut 8 Corp is up 11%. Ero Copper, Imperial Oil, Ivanhoe Mines, Suncor Energy, Cenovus Energy, Canadian Natural Resources, Laurentian Bank of Canada and Precision Drilling Corporation are up 2.3 to 4%.

Fairfax Financial Holdings, MDA Space, Open Text Corporation, Thomson Reuters, GFL Environment, Thomson Reuters, Great West Lifeco and Maple Leaf Foods are gaining 1 to 1.8%.

BRP Inc. is down 5.2%. North West Company, TerraVest Industries, AutoCanada, West Fraser Timber, Seabridge Gold, ATS Corporation, TFI International, goeasy, Bombardier Inc., Shopify Inc., and Lundin Gold are down 1.4 to 4.5%.