The Canadian market, following three consecutive sessions of losses, recorded a modest gain on Tuesday, driven primarily by higher energy stock prices due to firm crude oil rates. Investor sentiment was further bolstered by mild optimism regarding a potential interest rate cut by the Federal Reserve later this year.
The S&P/TSX Composite Index, which reached a midday high of 21,708.06, concluded the trading session with a gain of 23.42 points, or 0.11%, closing at 21,611.30.
In the energy sector, strong performances were noted from Vermilion Energy (VET.TO), International Petroleum Corp (IPCO.TO), Whitecap Resources (WCP.TO), Advantage Oil & Gas (AAV.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), and Veren Inc (VRN.TO), each advancing 2 to 3%.
The materials sector saw significant upticks from Capstone Mining Corp (CS.TO) and Iamgold Corp (IMG.TO), which rose by 5.7% and 4.3%, respectively. Moreover, First Quantum Minerals (FM.TO), New Gold (NGD.TO), Wesdome Gold Mines (WDO.TO), Fortuna Silver Mines (FVI.TO), First Majestic Silver (AG.TO), and Eldorado Gold (ELD.TO) registered gains between 2% and 3.1%.
Other notable gainers included Molson Coors Canada (TPX.A.TO), which surged by 6.1%, along with Cae Inc (CAE.TO), Badger Infrastructure (BDGI.TO), Celestica Inc (CLS.TO), Cameco Corporation (CCO.TO), and Bombardier Inc (BBD.A.TO), all of which saw increases ranging from 2% to 4.5%.
Conversely, Atco (ACO.Y.TO), Shopify Inc (SHOP.TO), Canadian National Railway (CNR.TO), CGI Inc (GIB.A.TO), West Fraser Timber (WFG.TO), and Colliers International (CIGI.TO) experienced notable declines by the end of the session.
