logo
Plus   Neg
Share
Email

Canadian Stocks Add To Last Week's Gains

After trading resumed following a long holiday weekend, Canadian stocks climbed higher on Tuesday, extending the strong upward move seen last Friday.

The benchmark S&P/TSX Composite Index advanced 99.20 points or 0.63 percent to 15,937.44 after rising 0.9 percent in the previous session.

Resource stocks have helped to lead the way higher, driving the S&P/TSX Capped Materials Index higher on Tuesday.

The strength in the sector comes amid an increase in metal prices, with spot gold rising $21.37 or 1.62 percent at $1,339.33 per ounce.

Crude oil also provided support as U.S. West Texas Intermediate (WTI) crude futures were up 66 cents or 1.18 percent at $56.45 per barrel.

Information technology stocks are saw considerable strength on the day, while notable weakness emerged among healthcare stocks.

The continued advance on Bay Street came as stocks in the U.S. also rebounded in afternoon trade after recovering from an initial move to the downside.

Traders seem reluctant to make significant moves amid uncertainty about the potential for a trade deal between the U.S. and China as the next round of trade talks get underway in Washington, D.C. this week.

News that China accused the U.S. of attempting to curtail its technology development by putting pressure on allies to shun networks supplied by Huawei Technologies has raised concerns about tensions between the world's two largest economies.

For comments and feedback contact: editorial@rttnews.com

Follow RTT