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Canadian Market Holds In Positive Territory As Materials Shares Rally

The Canadian stock market, which opened on a firm note Monday morning, remains in positive territory a little past noon, riding on gains in materials shares after gold prices climbed to a new all-time high and silver built on its recent gains.

Healthcare shares are the other prominent gainers. Stocks from all other sectors are turning in a mixed performance.

Concerns about coronavirus pandemic and U.S.-China tensions appear to be limiting the market's upside.

The benchmark S&P/TSX Composite Index, which rose to 16,128.75, is up 71.48 points or 0.45% at 16,068.52 about a quarter past noon.

The Capped Materials Index is climbing 3.2%. Torex Gold Resources (TXG.TO) is soaring 9%. MAG Silver Corp (MAG.TO), Wheaton Precious Metals (WPM.TO), Oceanagold (OGC.TO), Yamana Gold (YRI.TO), Pan American Silver Corp (PAAS.TO), Semafo (SMF.TO), Kirkland Lake Gold (KL.TO) and Barrick Gold (ABX.TO) are up 4 to 6%.

Kinross Gold (K.TO), Franco-Nevada Corp (FNV.TO), Agnico Eagle Mines (AEM.TO), Alamos Gold (AGI.TO), Lundin Gold (LUG.TO) and Iamgold (IMG.TO) are rising 2 to 3.5%.

In the healthcare section, Aphria Inc. (APHA.TO) is climbing up nearly 11%. Canopy Growth Corp (WEED.TO) and Bausch Health Companies (BHC.TO) are gaining 2.3% and 2.2%, respectively. Cronos Group (CRON.TO) is up 1.8%.

Shopify Inc. (SHOP.TO), Fairfax Financial Holdings (FFH.TO) and Canadian Pacific Railway (CP.TO) are among the notable gainers from other sectors.

Laurentian Bank of Canada (LB.TO), Colliers International (CIGI.TO), Kinaxis Inc. (KXS.TO), Restaurant Brands International (QSR.TO) and Body Group Services (BYD.TO) are down with sharp to moderate losses.

Gold futures for August are up $35.50 or 1.87% at $1,933.00 an ounce, after hitting a new all-time high of $1,941.90 an ounce.

Silver futures for September are up by about 7% or $1.55 at $24.400 an ounce, slightly off a high of $24.820.

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