The Canadian stock market is experiencing positive momentum on Monday afternoon, with notable advances in energy and materials sectors due to rising commodity prices. However, investor sentiment remains somewhat cautious amid geopolitical tensions and uncertainties surrounding the Federal Reserve's monetary policy decisions.
The S&P/TSX Composite Index has gained 95.46 points, or 0.38%, standing at 24,986.14 in recent trading.
The Materials Capped Index is demonstrating a strong performance, climbing 2.3%. Leading this upward trend are Oceanagold Corp (OGC.TO), Orla Mining (OLA.TO), Wesdome Gold Mines (WDO.TO), and Iamgold Corp (IMG.TO), which have increased by 6% to 7.3%.
Silvercrest Metals (SIL.TO), Pan American Silver Corp (PAAS.TO), Kinross Gold Corp (K.TO), K92 Mining (KNT.TO), Calibre Mining (CXB.TO), Eldorado Gold (ELD.TO), and MAG Silver Corp (MAG.TO) are also seeing gains, up between 4% and 5.4%.
The Energy Capped Index has risen 1.2%, with Birchcliff Energy (BIR.TO), Tamarack Valley Energy (TVE.TO), Vermilion Energy (VET.TO), Headwater Exploration (HWX.TO), Arc Resources (ARX.TO), and Whitecap Resources (WCP.TO) posting increases of 2% to 3.4%.
Conversely, consumer staples stocks such as Loblaw (L.TO), George Weston (WN.TO), Empire Company (EMP.A.TO), Alimentation Couche-Tard (ATD.TO), and The North West Company (NWC.TO) have seen declines of 1% to 2%.
According to data released by the Canada Mortgage & Housing Corporation, housing starts in the country rose by 7.8% month-over-month to 240,761 units in October, reaching the highest level in three months.
