TSX Modestly Higher As Materials, Energy Stocks Gain

(RTTNews) - The Canadian market is modestly higher Wednesday afternoon, lifted by strong gains in materials and energy sectors.

The mood remains a bit cautious ahead of the Federal Bank's symposium in Jackson Hole, Wyoming, where several central bank chiefs including Fed Chair Jerome Powell are set to make speeches.

The benchmark S&P/TSX Composite Index was up 70.07 points or 0.25% at 27,893.95 a little while ago.

The Materials Capped Index is up 1.7% and the Energy Capped Index up 0.85%, with several stocks from these sectors rising sharply thanks to firm commodity prices.

G Mining Ventures Corp is rising 6.3%, and Barrick Mining Corp is gaining 4.1%. Agnico Eagle Mines, Orla Mining, Franco-Nevada Corp, New Gold, Aya Gold & Silver, Centerra Gold, Wheaton Precious Metals, Iamgold Corp and Eldorado Gold are up 2 to 3%.

Energy stocks Terravest Capital, PrairieSky Royalty, Canadian Natural Resources, Imperial Oil, Enerflex, Birchcliff Energy, Ces Energy Solutions, Parex Resources and Cenovus Energy are gaining 1 to 2%.

Fortis, TransCanada, George Weston, Open Text Corporation and CT Real Estate are among the notable gainers from other sectors.

Cameco Corporation and Corus Entertainment are down by more than 5%. Canopy Growth Corp, Lightspeed Commerce, Restaurant Brands International, Air Canada, Cronos Group, Gildan Activewear, West Fraser Timber, Baush Health Companies and Brp Inc. are down 2 to 4%.

In economic news, data from Statistics Canada showed new home pricesin Canada fell 0.1% month-over-month in July, marking the fourth consecutive monthly decline.