(RTTNews) – Despite renewed tensions in the Middle East, the Canadian market is up firmly in positive territory a little past noon on Thursday, lifted by strong gains in materials sector as precious metals prices moved higher. Stocks from consumer discretionary and financials sectors are the other notable gainers.
Consumer staples and energy stocks are weak, while stocks from rest of the sectors are turning in a mixed performance.
U.S. Central Command said forces attacked about 90 military targets in an effort to further degrade Iran’s ability to attack commercial shipping in the Strait of Hormuz.
“This is in retribution for yesterday’s bombing of ships by Iran. If it happens again, it will get much worse!” President Donald Trump said in a post on Truth Social.
Iran reportedly responded to the latest round of U.S. airstrikes with attacks targeting Bahrain, Kuwait and Qatar.
The benchmark S&P/TSX Composite Index was up 296.25 points or 0.85% at 35,232.05 about half an hour past noon.
The Materials Capped Index is up 3.3%. First Majestic Silver is soaring nearly 10%. Dpm Metals, Endeavour Silver, G Mining Ventures, Lundin Mining, Skeena Resources, Abrasilver Resource Corp. and Aris Mining Corporation are rising 6%-9%.
First Quantum Minerals, Capstone Copper, Ero Copper, Ngex Minerals, Ivanhoe Mines, Silvercorp Metals, Lundin Gold, Aya Gold & Silver, Teck Resources and Seabridge Gold are among the other big gainers.
Consumer discretionary stocks Aritzia, Magna International and Brp are up 3.7%, 2.7% and 2.3%, respectively. Linamar Corp is up nearly 2%.
In the financials sector, Igm Financial, Brookfield Asset Management, Sprott, IA Financial Corporation, Great-West Lifeco, Bank of Montreal, Power Corporation of Canada, Canadian Imperial Bank of Commerce, Manulife Financial, Royal Bank of Canada, Bank of Nova Scotia, National Bank of Canada and Sun Financial are gaining 1%-2.3%.
Energy stocks Spartan Delta, International Petroleum Corp., Athabasca Oil Corp., Paramount Resources, Ces Energy, Baytex Energy, Whitecap Resources and Cenovus Energy are down 1.3%-2.7%.
