Canada Stocks: TSX climbs as materials stocks gain on higher gold, copper prices

Sleep Country Canada Holdings

03/03/2023 15:47

(Adds comments; updates prices, details)

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      Suncor Energy climbs on UK business spinoff 
    

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      Sleep Country surges on Q4 results beat
    

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      TSX adds 0.5%, set for weekly gains
    

  
    By Johann M  Cherian
       March 3 (Reuters) - Canada's benchmark stock index
gained for a third straight session on Friday, led by materials
stocks as commodity prices rose, while hopes of a pause in
monetary tightening by the Bank of Canada also fueled investor
optimism.
    At 10:12 a.m. ET (1512 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was up 99.49 points, or 0.49%,
at 20,436.7.
    The materials sector  .GSPTTMT  climbed 0.6%, tracking
strength in copper and gold prices as strong economic data in
top consumer China raised demand hopes.  MET/L   GOL/ 
    "China was closed for months and just improving economic
data gives buyers of commodity stocks confidence that those
prices can hold, and as we know it is a good chunk of the TSX
index," said Barry Schwartz, portfolio manager at Baskin
Financial Services.
    The Bank of Canada is expected to be the first major central
bank to "pause" monetary tightening, holding rates at the
current level of 4.5% till the year-end, and start cutting rates
in January 2024.
    The financials sector  .SPTTFS , which constitutes nearly
30% of the TSX, rose 0.4%.
    Following a volatile February, the TSX tracked weekly gains
of 1.2%, its best performance in seven weeks. The index is on
track to snap three straight weekly declines as strong economic
data from China allayed fears of a global economic slowdown.
    Among stocks, Suncor Energy Inc  SU.TO  added 0.8% after
Equinor  EQNR.OL  said it would acquire the British oil and gas
business of the energy firm for $850 million.
    Sleep Country Canada Holdings Inc  ZZZ.TO  jumped 6.4% after
the company's fourth-quarter sales and earnings beat estimates.
The consumer discretionary sector housing the retailer
 .GSPTTCD  added 0.7%.
    Meanwhile, data showed that the value of building permits
fell by 4.0% in January from the previous month as the
residential sector saw lower intentions for single-family and
multi-family components.

 (Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi
Majumdar)
 ((johann.mcherian@thomsonreuters.com))