Canada's main stock index rose on Tuesday, extending gains from the previous session, as miners found support in firmer gold and copper prices.
At 9:43 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 60.37 points, or 0.29%, at 21,158.66, a day after recording its highest closing level since Jan. 19.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.5% as gold prices firmed above the key $1,800-level and copper prices rose.
"We had a rebound in the US yesterday, and Canadian markets followed it. Markets are just digesting those gains this morning," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Capping further gains was the energy sector, which dropped 0.1%, as oil slipped on speculations of a faster supply boost from OPEC+ and expectations of a rise in US inventories.
Toronto-listed technology stocks jumped 0.3%, tracking gains in the US tech-heavy Nasdaq index.
In recent weeks, tech stocks have been among the most volatile as investors anticipate faster interest rate hikes from central banks to curb inflation.
TSX falls as miners track weak metal prices, energy gains limit losses
The Canadian economy was up 0.6% in November and most likely flat in December, with fourth-quarter annualized growth seen up 6.3%, Statistics Canada said.
Domestic manufacturing activity expanded at the joint-slowest pace in 11 months in December as material shortages and disruptions from the Omicron coronavirus variant held back output, data showed.
Among individual shares, Imperial Oil Ltd rose 1.7% after posting a quarterly profit, compared with a year-ago loss, even as it missed estimates on disruptions from extreme cold weather.
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