(RTTNews) - The Canadian market is up firmly in positive territory around late afternoon on Tuesday, with materials stocks leading the benchmark up north.
Several stocks from financials, healthcare, consumer, utilities, industrials, technology and real estate sectors are up as well. Energy and communications shares are turning in a mixed performance.
Despite data showing an increase in Canadian core price inflation the mood is positive amid optimism the Federal Reserve will start cutting interest rates next year.
The benchmark S&P/TSX Composite Index is up 195.85 points or 0.95% at 20,818.56.
The Materials Capped Index is climbing 2.22%. Interfor Corp (IFP.TO), Canfor Corp (CFP.TO) and West Fraser Timber (WFG.TO) are surging 8.8%, 8.25% and 7.8%, respectively.
First Majestic Silver Corp (FR.TO), Silvercrest Metals (SIL.TO), Orla Mining (OLA.TO), Capstone Mining (CS.TO), Equinox Gold (EQX.TO), First Quantum Minerals (FM.TO), Iamgold Corp (IMG.TO), Transcontinental Inc (TCL.A.TO), Ero Copper (ERO.TO) and Alamos Gold (AGI.TO) are up 3.5 to 6%.
Endeavour Silver Corp (EDR.TO) is gaining more than 4% after the company announced that it has launched an at-the-market offering of up to US$60 million of common shares.
Healthcare stocks Tilray Inc (TLRY.TO) and Bausch Health Companies (BHC.TO) are gaining 1.6% and 1.5%, respectively.
Consumer discretionary stocks Canada Goose Holdings (GOOS.TO), Linamar Corp (LNR.TO) and Aritzia Inc (ATZ.TO), are up 3.7%, 2.8% and 2.6%, respectively. Gildan Activewear (GIL.TO) is advancing 2.3%.
In the consumer staples sector, Primo Water Corp (PRMW.TO) is up more than 2%. Loblaw (L.TO), Premium Brands Holdings (PBH.TO), Alimentation Couche-Tard (ATD.TO) and Maple Leaf Foods (MFI.TO) are up 1.2 to 1.6%.
Nuvei Corp (NVEI.TO), up 2.4%, is the top gainer in the financials sector. Sprott Inc (SIL.TO) is rising 2.2%. Toronto-Dominion Bank (TD.TO), Canada Imperial Bank of Commerce (CM.TO), Manulife Financial (MFC.TO), Bank of Nova Scotia (BNS.TO), Laurentian Bank (LB.TO), National Bank of Canada (NA.TO) and Bank of Montreal (BMO.TO) are up 1 to 1.6%.
Organigram Holdings Inc. (OGI.TO) is down by about 2.7%. The company reported a fiscal fourth-quarter net loss of $33 million, wider than a loss of $6.1 million a year earlier.
Data from Statistics Canada showed inflation rate in Canada remained unchanged at 3.1% in November. The consumer price index increased 0.1% in November over the previous month.
Core inflation increased to 2.8% in November from 2.7% in the previous month.
Canada's producer price inflation decreased by 0.4% in November from a revised -0.9% in October. Year-on-year, producer prices dropped 2.3% after falling by a revised 2.6% in the previous month.
Raw materials prices fell 4.2% month-on-month in November, and dropped 4.6% from a year earlier.
