Materials, Consumer Discretionary, and Tech Lead the Way
In a robust showing, Canadian stocks experienced a significant surge, with strength witnessed across all sectors. The materials sector spearheaded Tuesday’s trading session, closely followed by consumer discretionary and tech industries.
Inflation Rate Maintains Unexpected Steady Pace
On the economic front, Canada’s annual inflation rate surprisingly held steady at 3.1% in November. Consumers continue to face financial pressure due to rising mortgage interest costs, food prices, and rent. This figure surpassed the market’s expectation of 2.9%, as forecasted by economists at TD Securities.
Market Performance Midday
At midday, Canada’s S&P/TSX Composite Index recorded a notable increase of 0.95%, reaching 20,819.49. Simultaneously, the blue-chip S&P/TSX 60 rose by 0.93% to 1,256.43.
G2 Goldfields Secures Significant Investment
Shares of G2 Goldfields surged by 15% to 77 Canadian cents (57 cents) following the announcement of a C$22.1 million investment by AngloGold Ashanti in the company.
Other Noteworthy Market Developments
- HIVE Digital Technologies witnessed an 8.7% increase in shares, reaching C$5.60, as the company disclosed plans for a $25 million bought-deal basis private placement.
- Global Atomic experienced a slight dip of 6.1% in shares, now valued at C$2.63. The company aims to raise C$15 million through a strategic investment, including contributions from privately owned Bermuda-based Regent Mercantile Holdings and related firms.
