The Canadian market experienced a modest rise on Tuesday, buoyed by advancements in mining stocks. Investors maintained a cautious outlook as they awaited U.S. consumer price inflation data expected on Wednesday, hoping for greater insight into the Federal Reserve's future interest rate strategies.
The S&P/TSX Composite Index concluded the session with an increase of 52.26 points, approximately 0.2%, settling at 24,588.58. While communications and consumer staples stocks showed weakness, the Materials Capped Index rose by nearly 1.5%.
Notable performers included Fortuna Silver Mines, Silvercrest Metals, and MAG Silver Corp, which saw gains ranging between 6.4% and 7.4%. Similarly, First Majestic Silver Corp, Kinross Gold Corp, New Gold, Oceanagold Corp, and SSR Mining registered increases between 4% and 5%.
Wesdome Gold Mines surged by 4.7% after announcing a rise in fourth-quarter gold production, reaching 49,567 ounces compared to 36,216 ounces the previous year. For the fiscal year 2025, Wesdome anticipates gold production will range from 190,000 to 210,000 ounces.
Fairfax Financial Holdings advanced by 2.4%. Other companies such as TerraVest Industries, Celestica Inc, Cargojet, Hut 8 Corp, Aritzia Inc, Methanex Corporation, Sprott Inc, and Gildan Activewear also posted significant gains.
Conversely, Cogeco Inc experienced a decline of 7.5%. The company reported adjusted diluted earnings per share of $2.82 for the quarter ending November 30, 2024, up from $2.57 the previous year. However, its diluted earnings per share rose to $3.09, compared to $2.21 from the prior year.
Cogeco Communications saw a nearly 6% drop, and other notable decliners included Loblaw Companies, North West Company, Empire Company, and George Weston, all of which ended the day with significant losses.
