TSX Remains Firmly Up Despite Coming Off Early Highs

(RTTNews) - The Canadian market remains in positive territory Monday afternoon as stocks from several sectors hold on to their early gains. The mood remains fairly bullion amid easing concerns about tariffs following China and U.S. agreeing on a trade deal.

Following negotiations in Switzerland over the weekend, the world's largest and the second-largest economies have agreed to suspend most tariffs on each other's goods for 90 days, and slash rates going forward.

As per the announcement by the two countries, the U.S. tariffs on Chinese goods will fall to 30% from 145% while Chinese duties on U.S. imports will fall to 10% from 125%.

Materials stocks are down sharply with weak bullion prices triggering a sell-off in the sector.

The benchmark S&P/TSX Composite Index, which climbed to a three month high to 25,730.99 earlier in the session, was up 165.33 points or 0.65% at 25,523.07 a little while ago.

The Information Technology Capped Index is up 5.6%. The Energy Index is up 3% and the Healthcare and Consumer Discretionary indexes are gaining 2.6% and 2.2%, respectively.

Industrials, real estate and financials stocks are the other prominent gainers.

Shopify is soaring nearly 15%. Baytex Energy is up 9.6%, while TFI International, HudBay Minerals, Aritzia, Celestica Inc., Methanex, BRP Inc., Teck Resources and Ivanhoe Mines are gaining 7 to 9%.

MAG Silver, Bausch Health Companies, Air Canada, Precision Drilling, Vermilion Energy, NuVista Energy, Veren, Descartes Systems Group, Spin Master Corp., and Richelieu Hardware are advancing 5 to 6.5%.

Lundin Gold is plunging 17.5%. Orla Mining and Pan American Silver Corp are tanking 16% and 15.5%, respectively. IamGold Corp is down 10%, while Agnico Eagle Mines, NewGold, Eldorado Gold, Ssr Mining, Torex Gold and Kinross Gold are down 8 to 9.5%.