Canadian Market Up Firmly In Positive Territory; Materials Shares Rally

(RTTNews) - After a somewhat cautious start, the Canadian market gained in strength Tuesday morning, thanks to strong buying in materials and utilities sectors.

Several stocks from indutrials and consumer staples sections are also faring well. Healthcare, energy, technology and financials shares are turning in a mixed performance.

Investors are tracking positive cues from Wall Street where the major averages are adding to the strong gains posted in the two previous sessions to further offset last week's pullback.

Investors are awaiting the outcome of today's U.S. midterm elections, which will determine control of Congress. Republicans are expected to take control of the House and possibly the Senate. It is said traders prefer a divided government, as times when the White House and Congress are controlled by opposite parties have historically been positive for Wall Street.

The benchmark S&P/TSX Composite Index is up 176.04 points or 0.9% at 19,721.95 about half an hour before noon.

The Materials Capped Index is climbing 4.75%. Equinox Gold Corp (EQX.TO), up 12%, is the biggest gainer in the Index. K92 Mining Inc (KNT.TO), Osisko Gold Royalties (OR.TO), Wesdome Gold Mines (WDO.TO), Fortuna Silver Mines (FVI.TO) and Osisko Mining (OSK.TO) are gaining 8 to 9%.

Barrick Gold Corp (ABX.TO), Eldorado Gold (ELD.TO), MAG Silver Corp (MAG.TO), Iamgold Corp (IMG.TO), Seabridge Gold Inc (SEA.TO) and Dundee Precious Metals (DPM.TO) are up 7 to 8%.

Among the stocks from the Utilties Index, TransAlta Corp (TA.TO) is up nearly 8%. The company announced net earnings attributable to common shareholders of $61 million or $0.23 per share in the third quarter of this year, compared to a loss of $1.68 per share for the same period in 2021.

Innergex Renewable Energy Inc. (INE.TO) is rising 5.6%, Transalta Renewables (RNW.TO) is up 3.8% and Boralex Inc (BLX.TO) is gaining 2.5%.

Pan American Silver Corp. (PAAS.TO) and Agnico Eagle Mines Limited (AEM.TO) announced that Yamana Gold (YRI.TO) has executed and delivered the arrangement agreement providing for the binding offer dated November 4, 2022. The Yamana Board unanimously recommended that Yamana shareholders vote against the arrangement between Yamana and Gold Fields at the shareholders' meeting.

The Pan American-Agnico agreement will become effective only upon the earlier of: the Gold Fields transaction not being approved at the Yamana meeting; or Gold Fields electing to terminate the Gold Fields Agreement.

Pan American Silver Corp shares are up 5.3%, Agnico Eagle Mines is gaining 7% and Yamana Gold is gaining 5.7%.

Maple Leaf Foods (MFI.TO) reported a net loss of $229.5 million for the third quarter. That includes a non-cash impairment of goodwill in the Plant Protein segment of $190.9 million. The stock is soaring nearly 11%.