The Canadian market is experiencing significant gains on Friday afternoon, marking a continuous rise for the third consecutive day. The momentum is largely driven by the surge in materials stocks, as robust metal prices have stimulated intense buying activity within the sector.
The main index, the S&P/TSX Composite Index, has climbed 159.67 points, or 0.65%, reaching a new peak at 24,850.15.
Within the materials sector, the Capped Index has advanced by 3.2%. Notably, Iamgold Corp is leading with an impressive 17.5% increase. First Majestic Silver Corp sees a 16% upswing, while Fortuna Silver Corp has added 11.2% to its value.
Other notable performers include Pan American Silver Corp, Seabridge Gold, SSR Mining, and Silvercrest Metals, along with MAG Silver Corp, Wesdome Gold Mines, Equinox Gold, and Novagold, all showing gains ranging from 6% to 8%. Agnico Eagle Mines and Wheaton Precious Metals have increased by 4.8% and 4.5%, respectively, while Franco-Nevada Corporation shows a 3.5% rise.
Among the biggest gainers are Hut 8 Corp, which has surged by 12.5%. Sprott Inc, Magna International, Cameco Corporation, Intact Financial Corporation, and goeasy have recorded increases between 1% and 4.3%.
Conversely, several companies have faced declines, with Quebecor, Ag Growth International, Bombardier Inc, Bausch + Lomb, Tecsys Inc, MTY Food Group, and Restaurant Brands International showing decreases from 1% to 4%.
