Canadian Market Rises On Materials, Technology Stocks Rally
(RTTNews) - The Canadian market is fairly high up in positive territory a little past noon on Monday with stocks from technology and materials sectors turning in a fine performance.
Amid expectations of an interest rate cut by the Federal Reserve in December, and signs of progress in Ukraine peace talks contribute to the positive mood in the market.
Mixed jobs data from the U.S., and the minutes of October Federal Reserve's meeting showing divergent perspectives about rate cuts had rendered the mood a bit cautious for much of the previous week. However, rate cut hopes rose after New York Fed President John Williams' remarks on Friday that there is room for "a further adjustment in the near term."
The benchmark S&P/TSX Composite Index, which climbed to 30,536.26, was up 313.44 points or 1.04% at 30,474.09 a few minutes past noon.
The Information Technology Capped Index is up more than 4.5%. Celestica Inc. is soaring nearly 13%. Bitfarms is surging 10.5%, and Shopify is gaining 4.5%.
Sylogist, Firan Technology Group, Blackline Safety Corp., Blackberry, Tecsys, Quarterhill and CGI Group are also up with strong gains.
In the materials sector, Aris Gold Corporation is up nearly 10%. Fortuna Mines is climbing up 9.5%, and Orla Mining is gaining 8.5%. Barrick Mining Corp., Iamgold Corp, G Mining Ventures, Perpetua Resources, B2Gold Corp, Capstone Mining Corp, Lundin Gold and New Gold are up 5.5 to 7%.
In economic news, data from Statistics Canada showed manufacturing sales in Canada are expected to fall 1.1% in October, according advance estimates, after a 3.3% increase in September.
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