TSX Pares Some Gains After Sharp Upmove; Materials Stocks Climb Higher
(RTTNews) - After a firm start and a subsequent good move up north, the Canadian market pared some gains on Tuesday with technology stocks sliding down on heavy selling. Materials stocks gained in strength as precious metals prices climbed higher.
Energy stocks moved up thanks to higher oil prices.
Consumer staples and utilities stocks were among the other notable gainers.
The benchmark S&P/TSX Composite Index, which climbed to 32,540.07 after opening at 32,289.03, was at 32,323.91 at noon, up 140.03 points or 0.43% from previous close.
The Materials Capped Index climbed up 4.5%, with several key stocks in the section posting strong gains after gold and silver futures shot up by over 8% and 13%, respectively.
Taseko Mines soared more than 12%. Teck Resources, Aya Gold & Silver, First Majestic Silver Corp., Aris Gold Corporation, G. Mining Ventures, Ivanhoe Mines, Hudbay Minerals, Oceanagold, Perpetua Resources, Endeavour Silver Corp and Silvercorp Metals surged 7%-9%.
Energy stocks Vermilion Energy, Baytex Energy and International Petroleum Corp gained 3.7%-4.5%. Imperial Oil, Enerflex, Tamarack Valley Energy, Headwater Exploration, Athabasca Oil Corp., Peyto Exploration, Paramount Resources and Cenovus Energy moved up 2%-3%.
Consumer staples stocks Loblaw Co. and George Weston gained 2.5% and 2.3%, respectively. Empire Company, Metro Inc., The North West Company and Alimentation Couche-Tard also posted strong gains.
The Information Technology Capped Index dropped nearly 6%. Shopify, CGI Group and Descartes Systems Group lost 8%-9%. Lightspeed Commerce, Constellation Software, Tescys, Kinaxis, Open Text Corporation, Coveo Solutions and BlackBerry also declined sharply.
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