As of midday on Monday, the Canadian market is firmly entrenched in positive territory. Notable gains are being made by stocks belonging to sectors such as consumer discretionary, materials, energy, and finance.
However, a sense of caution persists among investors as they await this week's U.S. consumer price inflation data. The results may offer greater insights into the Federal Reserve's impending decisions regarding interest rate trajectories.
The S&P/TSX Composite Index, Canada's benchmark index, has increased by 127.90 points or 0.61%, reaching 21,137.50 by noon.
Shares in Canada Goose Holdings, a consumer discretionary firm, have seen a rise of nearly 7%. Other stocks in the sector, such as Linamar Corp, Pet Valu Holdings, Restaurant Brands International, Canadian Tire Corp, MTY Food Group, Sleep Country Canada Holdings, Brp Inc, and Spin Master Corp, have experienced gains between 1.5% and 2%.
In the energy sector, Arc Resources and Pason Systems stocks have climbed 3.6% and 3.75% respectively. Additional energy stocks, including Baytex Energy, Enerplus Corp, Prairiesky Royalty, Meg Energy Corp, and International Petroleum Corp, are seeing gains ranging from 2% to 3%.
Meanwhile, stocks in materials, such as Lithium Americas Corp and New Gold Inc, are climbing significantly, with increases of 8.1% and 6.5% respectively. Other materials stocks, like Ivanhoe Mines, Osisko Mining Inc, Novagold Resources, Iamgold Corp, Capstone Mining Corp, and West Fraser Timber are up 2% to 3%.
In the financial sector, Fairfax Financial Holdings has seen its stocks rise nearly 4%. Other banks such as Bank of Nova Scotia, Laurentian Bank, Canadian Imperial Bank of Commerce, goeasy, and Bank of Montreal, are experiencing increases from 0.8% to 1.5%.
