Materials, Financials Stocks Lift Canadian Market; TSX Up Nearly 1%

(RTTNews) - The Canadian market is up firmly in positive territory Tuesday morning, lifted by strong gains in materials and financials stocks. The undertone is quite firm amid slightly easing concerns about inflation after crude oil prices fell from multi-year highs.

Oil prices tumbled today, with near month West Texas Intermediate Crude futures trading down by as much as 11.5% at $83.93 a barrel.

U.S. President Donald Trump's comments on Monday that the war in the Middle East could end soon contribute as well to the positive mood in the market.

Trump claimed in a subsequent post on Truth Social that Iran would be hit "twenty times harder" if they do anything that stops the flow of oil within the Strait of Hormuz.

"We will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!" the President said.

The benchmark S&P/TSX Composite Index is up 288.72 points or 0.87% at 33,478.04 a few minutes before noon.

Riding on firm precious metals prices, several stocks from the materials sector have moved up sharply, lifting the Materials Capped Index up by about 2.56%.

Silvercorp Metals, Vizsla Silver Corp., Aya Gold & Silver, Novagold Resources, Discovery Silver Corp., G Mining Ventures, Aris Mining Corporation, Eldorado Gold, Endeavour Silver Corp., Lundin Mining, First Majestic Silver, Teck Resources, 5N Plus, Ssr Mining, Perpetua Resources and Lundin Gold are up 4%-7%.

Financials stocks Sprott Inc., Fairfax Financial Holdings and Great-West Lifeco are up 3.7%, 2.3% and 2.2%, respectively. Royal Bank of Canada, Intact Financial Corporation, Bank of Nova Scotia, Power Corporation of Canada, Canadian Imperial Bank of Commerce, Manulife Financial, and Bank of Montreal are gaining 1%-2%.