The Canadian market experienced modest gains on Monday afternoon, primarily driven by strong buying activity in the materials sector. Additionally, stocks in the real estate and consumer discretionary sectors contributed to the positive market sentiment. The overall market atmosphere remains optimistic, fueled by expectations of a potential interest rate cut by the Federal Reserve next month.
Earlier in the session, the benchmark S&P/TSX Composite Index reached 23,192.49 points. It has since moderated slightly, but remains up by 69.02 points, or 0.3%, standing at 23,123.63 points.
The Materials Capped Index has increased by 1.5%. Notable gains were observed in Silvercrest Metals (SIL.TO), Torex Gold Resources (TXG.TO), Seabridge Gold Inc (SEA.TO), Fortuna Silver Mines (FVI.TO), SSR Mining (SSRM.TO), and New Gold Inc (NDG.TO), with shares rising between 4% and 5.3%.
Within the real estate sector, Crombie Real Estate Investment (CRR.UN.TO) and FirstService Corp (FSV.TO) are up by 1.3% and 1.2%, respectively.
In the consumer discretionary sector, Canada Goose Holdings (GOOS.TO) saw a significant climb of over 5%. Spin Master Corp (TOY.TO) increased by 3%, while Linamar Corp (LNR.TO), Magna International (MG.TO), and Restaurant Brands International (QSR.TO) each gained between 1% and 1.5%.
