Canada’s main stock index rose Tuesday on gains made by health care and materials stocks. Bausch Health reported better-than-expected results, contributing to the rise in health care stocks, while materials stocks rose on the back of rising metal and gold prices.
The S & P / TSX Composite Index on the Toronto Stock Exchange rose 60.65 points, or 0.4 percent, to 15,278. Nine of the 11 major sectors in the Canadian stock index saw gains.
The health care sector rose by 2%, supported by a 1% rise in Bausch Health Companies Inc, after the company exceeded revenue forecasts.
Gold prices rose as investors took refuge in uncertainty over the US midterm results, helping the material sector, which includes precious metals and base metals, rise 0.9%. Material stocks were also supported by the shares of Nutrien Ltd., which rose 2.4% after announcing quarterly profits and increasing the profit target for the full year driven by strong demand for potash fertilizers.
Meanwhile, copper prices stabilized as the market awaited the results of the midterm elections of the US Congress and the Federal Reserve monetary policy meeting later this week.
Investors also took Canadian statistics into account, showing that the value of Canadian building permits rose 0.4% in September from August.
On the Tokyo Stock Exchange, the volume of traded shares was about 11 million shares. The biggest gainers on the Tokyo Stock Exchange were Great Canadian Gaming Corp, which jumped 10.9 percent after announcing quarterly results. The second largest gainers were Maxar Technologies Ltd, which rose 9.2% after signing a contract extension with the US National Reconnaissance Office.
Toromonet Industries Ltd. fell 7.1%, the biggest loss on the Tokyo Stock Exchange after the release of the quarterly results that were below estimates. The most heavily traded stocks were Green Organic Dutchman Holdings, Aurora Cannabis and Nemaska Lithium. The Tokyo Stock Exchange hit a 52-week high, with no new lows.
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