Canada Stocks: TSX rises as mining shares lend support

Iamgold

18/11/2024 15:38

(Updated at 10:06 a.m. ET/ 15:06 GMT)
    By Nikhil Sharma
       Nov 18 (Reuters) - Canada's main stock index rose on
Monday, boosted by mining shares tracking higher gold prices,
ahead of this week's domestic inflation data and leading
chipmaker Nvidia's  NVDA.O  earnings.
    The S&P/TSX composite index  .GSPTSE  was up 106.73 points,
or 0.43%, at 24,997.41.
    Leading the sectoral gains, the materials sector  .GSPTTMT 
added 2.6% as gold prices rebounded against a softer dollar
after the bullion posted losses in the previous six sessions.
 GOL/ 
    The heavyweight energy sector  .SPTTEN  advanced 0.7% as oil
prices edged higher after the war between Russia and Ukraine
intensified over the weekend.  O/R 
    Orla Mining  OLA.TO​ , up 8.5%, IAMGOLD  IMG.TO , up 7%, and
OceanaGold  OGC.TO , 6.2% higher, led the index.
    "Gold is performing strongly, and with the Canadian economy
being heavily resource-driven, it's providing a boost to the TSX
today," said Shiraz Ahmed, senior portfolio manager and founder
of Sartorial Wealth at Raymond James.
    Canadian housing starts rose 8% in October, compared with
the previous month, as groundbreaking increased on multi-unit
and single-family detached homes.
    Domestic investors awaited consumer price index data for
October, due Tuesday, which could provide insights into the Bank
of Canada's policy trajectory for its December meeting. 
    The BoC last month slashed its key benchmark rate by 50
basis points. Given annual inflation slipped to 1.6% in
September, below the central bank's 2% target, markets see a
possibility of another jumbo cut in December. 
    Bets for another 50-bps cut stood at 34.8%.  0#BOCWATCH 
    On Wall Street, main indexes were mixed on Monday ahead of
Nvidia's quarterly results.  .N 
    The chipmaker's third-quarter results on Wednesday will grab
market attention as they could possibly extend or restrict a
prolonged rally in AI-linked stocks.
    Meanwhile, Canadian fund Brookfield  BN.TO  plans to offer
about 7 billion euros ($7.4 billion) for Spanish drugmaker
Grifols  GRLS.MC  after finishing due diligence, news website El
Confidencial reported. 
    Brookfield's shares were down 0.5% on Monday.

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya
Biswas)
 ((Nikhil.Sharma@thomsonreuters.com;))