FX.co ★ Canadian Market Up In Positive Territory; Materials Shares Rally

On Friday, the Canadian market experienced an uptick, bolstered by robust gains in material stocks due to strong metal prices.

However, the overall sentiment remains somewhat cautious amid renewed concerns regarding the Fed's interest rate outlook following hawkish remarks from certain officials.

The benchmark S&P/TSX Composite Index has risen by 80.57 points, or 0.36%, reaching 22,380.40 just before noon.

The Materials Capped Index has surged nearly 2%, with notable performers including Novagold (NG.TO), Fortuna Silver Mines (FVI.TO), First Quantum Minerals (FM.TO), Ivanhoe Mines (IVN.TO), SSR Mining (SSRM.TO), and Ero Copper (ERO.TO), all gaining between 5% and 6%.

Other significant gainers in the materials sector include First Majestic Silver Corp (FR.TO), Lundin Mining (LUN.TO), Hudbay Minerals (HBM.TO), Alamos Gold (AGI.TO), Eldorado Gold (ELD.TO), Seabridge Gold (SEA.TO), and Torex Gold Resources (TXG.TO), which are up by 3% to 5%.

In the energy sector, International Petroleum Corp (IPCO.TO), Kelt Exploration (KEL.TO), Tourmaline Oil Corporation (TOU.TO), Precision Drilling Corporation (PD.TO), and Athabasca Oil Corporation (ATH.TO) have shown gains of 1% to 2.3%.

Conversely, Bausch Health Companies (BHC.TO) has declined by about 2.5%, while Tilray Inc (TLRY.TO) is the most significant loser in the Healthcare Index, plunging 8% after announcing plans to potentially offer and sell shares of common stock totaling up to $250 million.