(RTTNews) – Despite concerns about global trade, and political uncertainty in Europe, the Canadian market is modestly higher Tuesday afternoon, supported by gains in materials, industrials and financials sectors.
Expectations of interest rate cuts by the Federal Reserve and the Bank of Canada appear to be aiding the market’s upmove. Investors are also reacting to some earnings updates.
The benchmark S&P/TSX Composite Index was up 110.17 points or 0.39% at 28,280.11 a few minutes ago.
Bank of Nova Scotia is up more than 5%. The bank reported third quarter net income of C$2.5 billion compared to C$1.9 billion, last year. Diluted earnings per share was C$1.84, compared to C$1.41.
Bank of Montreal is gaining nearly 4%. BMO Financial Group reported a net income of $2.33 billion or $3.14 per diluted share for the quarter ended July 31, compared with a profit of $1.87 billion or $2.48 per diluted share in the same quarter last year.
Toronto-Dominion Bank, Laurentian Bank and Canadian Imperial Bank of Commerce are up 1 to 1.3%.
In the materials sector, Orla Mining is up 5.3% and SSR Mining is rising 4.5%. Aya Gold & Silver, Lundin Gold, Ivanhoe Mines, Eldorado Gold, Seabridge Gold, Alamos Gold, K92 Mining, Novagold Resources and Iamgold Corporation are up 2 to 4%.
Industrials stocks Canadian Pacific Kansas City and Mda Ltd shares are up 4.1% and 3.75%, respectively. Badger Infrastructure, Canadian National Railway, Element Fleet Management, Bombardier and Richelieu Hardware are gaining 1 to 2%.
In economic news, data from Statistics Canada showed manufacturing sales in Canada increased 1.8% in July, after a 0.3% increase in June.
Wholesale sales likely rose by 1.3% month-over-month in July 2025, following a 0.7% increase in the previous month, according to preliminary estimates.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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