Canadian Market Modestly Higher; Materials, Consumer Discretionary Stocks Move Up

(RTTNews) - The Canadian market is up in positive territory Tuesday afternoon thanks to strong gains in materials, consumer discretionary and consumer staples sectors. The mood remains cautious with investors awaiting a slew of key economic data including U.S. non-farm payroll data, reports on private sector employment, service sector activity and consumer sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 25,693.68, was up 41.74 points or 0.17% at 25,632.07 a little while ago.

The Materials Capped Index is up 2.8%. Fortuna Silver Mines (FVI.TO) is up nearly 10% and New Gold Inc (NDG.TO) is climbing up 7.5%. Pan American Silver Corp (PAAS.TO), First Majestic Silver Corp (AG.TO), Alamos Gold (AGI.TO), Iamgold (IMG.TO), Torex Gold Resources (TXG.TO), Ssr Mining (SSRM.TO), Silvercrest Metals (SIL.TO), Novagold (ND.TO), Equinox Gold (EQX.TO), Kinross Gold (K.TO) and Agnico Eagle Mines (AEM.TO) are up 4.5 to 6.4%.

Consumer discretionary stocks Restaurant Brands International (QSR.TO) and Dollarama Inc (DOL.TO) are up 2.3% and 1.5%, respectively. Magna International (MG.TO) is gaining 1.2% and Canadian Tire Corporation (CTC.TO) is up nearly 1%.

Consumer staples stocks Maple Leaf Foods (MFI.TO) and Premium Brands International (PBH.TO) are gaining 3.5% and 3%, respectively. The North West Company (NWC.TO), Saputo Inc (SAP.TO) and Jamieson Wellness (JWEL.TO) are up 2.5 to 2.8%. Empire Company (EMP.TO), Loblaw (L.TO) and George Weston (WN.TO) are also notably higher.

Bank of Nova Scotia (BNS.TO) is down 3.4%. The bank reported a net income of $1,689 million for the fourth quarter ended October 31, 2024, compared to $1,354 million in the fourth quarter last year. The bank has announced a dividend of $1.06 per share on the outstanding shares of the Bank, payable January 29, 2025, to shareholders of record at the close of business on January 7, 2025.

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