Canadian Stocks Surging Higher; Materials Shares Rise

(RTTNews) - The Canadian market is fairly well placed in positive territory around noon on Friday with stocks from materials and consumer staples sectors posting notable gains.

The mood is positive despite persisting concerns about soaring inflation and worries about economic slowdown.

Data from Statistics Canada showed Canada's retail sales grew by 0.7% on a monthly basis in August following June's sharp contraction of 2.2%. This reading came in better than consensus estimates pointing to a modest rise of 0.4%.

The benchmark S&P/TSX Composite Index is up 183.97 points or 0.99% at 18,763.26 a few minutes past noon.

First Quantum Minerals (FM.TO) is soaring 8.7% on huge volumes. B2Gold Corp (BTO.TO), Hudbay Minerals (HBM.TO), Suncor Energy (SU.TO), Kinross Gold Corporation (K.TO), MEG Energy (MEG.TO) and Barrick Gold Corporation (ABX.TO) are up 2.5 to 5% on strong voumes.

Lithium Americas Corp (LAC.TO) is gaining 8.6%. Teck Resources (TECK.B.TO) is gaining about 4.2%. Metro Inc (MRU.TO), Agnico Eagle Mines (AEM.TO), Franco-Nevada Corporation (FNV.TO) and George Weston (WN.TO) are advancing 2 to 3%.

Linamar Corporation (LNR.TO), Shopify Inc (SHOP.TO), Interfor Corporation (IFP.TO) and Boralex (BLX.TO) are down 2.5 to 4%.