Canadian Market Modestly Higher After Hitting New High

(RTTNews) - The Canadian market is modestly higher Tuesday afternoon with gains in materials and energy sectors contributing to the upmove. The mood in the market remained slightly positive amid expectations of further monetary easing by central banks, including the Federal Reserve and the Bank of Canada.

The stimulus measures announced by the Chinese central bank to boost the world's second largest economy contribute as well to the positive sentiment in the market.

The benchmark S&P/TSX Composite Index, which moved past the 24,000 mark first time, was up 91.65 points or about 0.4% at 23,986.36 a little while ago. The index touched a high of 24,011.19.

Pollard Banknote (PBL.TO) is soaring more than 10%. Morguard Corporation (MRC.TO), Ero Copper (ERO.TO) and Pan American Silver Corp (PAAS.TO) are up 6 to 7%.

Teck Resources (TECK.A.TO) is rising more than 4%. Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO), West Fraser Timber (WFG.TO), Boyd Group Services (BYD.TO) and Franco-Nevada Corporation (FNV.TO) are gaining 1 to 2%.

Kinaxis Inc (KXS.TO) is down morethan 3%. Goeasy (GSY.TO), Descartes Systems Group (DSG.TO), Waste Connections (WCN.TO), Alimentation Couche-Tard (ATD.TO), Fairfax Financial Holdings (FFH.TO) and RB Global (RBA.TO) are down 1 to 2.2%.

Tilray Brands, Inc. (TLRY.TO) announced that its newly formed Alternative Beverages business unit will launch its portfolio of hemp-derived Delta-9 THC beverages in key markets across the U.S., beginning in October 2024. The stock is gaining nearly 1%.

AGF Management (AGF.B.TO) is gaining more than 2.5%. The company announced that it has partnered with Archer to help expand its separately managed accounts (SMA) model business. AGF will leverage the technology capabilities and infrastructure of Archer, a leading technology-enabled service provider to the investment management industry.

On the economic front, data released by Statistics Canada showed manufacturing sales in Canada decreased to -1.5% in August from 1.4% in July.

China's central bank unveiled its biggest stimulus since the pandemic to support the economy and counter a prolonged downturn in the property sector.

The central bank said it would lower borrowing costs and inject more liquidity into the system that would free up more money for lending. Regulators also unveiled plans to support stable development of the stock market.