TSX Rises To New Record High As Metal Stocks Sparkle

(RTTNews) - Riding on strong gains in materials stocks, the Canadian market's benchmark S&P/TSX Composite Index marched on to a new record high Monday morning.

Amid rising geopolitical tensions, and concerns about the independence of U.S. Federal Reserve, investors rushed to pick up precious metals and this has triggered hectic buying in materials stocks this morning.

Fed Chair Jerome Powell said on Sunday that Federal prosecutors opening a criminal investigation related to his Senate Banking Committee testimony on the renovation of Fed office buildings, was another attempt by the U.S. President to influence the Central Bank's monetary policy.

Powell termed this action "unprecedented" and ascribed it to President Donald Trump's ongoing threats and pressure on the Fed to lower interest rates.

The S&P/TSX Composite Index, which hit a new record high of 32,842.37, was up 215.27 points or 0.66% at 32,828.20 a little while ago.

The Materials Capped Index is up 3.25% with several stocks in the sector moving up sharply after metal prices rose sharply. Gold prices jumped nearly 3%, Silver soared nearly 9%, and Copper prices climbed up 2.3%.

Aya Gold & Silver, the biggest gainer in the index, is soaring nearly 15%. First Majestic Silver is up with a hefty gain of 8.5%. Endeavour Silver Corp., Lithium Americas Corp, Ssr Mining and New Gold Inc are up 6 to 7%.

Silvercorp Metals, Torex Gold Resources, Kinross Gold Corp., Oceanagold, K92 Mining Corp., Dundee Precious Metals, Wesdome Gold, Iamgold Corp., G Mining Ventures and B2Gold Corp. are among the several other prominent gainers in the materials sector.

Aritzia, Imperial Oil, Molson Coors Canada, Cameco Corporation, WSP Global, Celestica, Kinaxis, TFI International, Fairfax Financial Holdings are among the notable gainers from other sectors.

Ag Growth International, Propel Holdings, Emera Incorporated, Gildan Activewear, Winpak, Toronto-Dominion Bank, Air Canada, TransAlta Corporation, CCL Industries and Docebo Inc. are down with sharp to moderate losses.