CANADA STOCKS-Toronto market extends recovery as materials shares climb

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(Investor adds quote and description, updates prices)

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* TSX rose 20.81 points, or 0.1%, to 20,437.12 . closed on

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* Content group adds 1.5%

* Uranium producer Camco Corp jumped 14.7%

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TORONTO, Oct 12 (Businesshala) – Canada’s main stock index rose higher on Tuesday as material groups rose and bond yields climbed along with oil prices, adding to last week’s gains.

The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 20.81 points, or 0.1%, at 20,437.12. The index rose 1.3% last week, losing four weeks of stakes.

So far this year, it has gained about 17.2 per cent.

“The two main forces driving this are oil prices and bond yields,” said Robert McWhitter, portfolio manager at Selective Asset Management Inc.

Oil prices rose 0.2% to $80.64 a barrel after touching a seven-year high of $82.18 on Monday.

Higher oil prices in recent weeks have helped shore up energy stocks, while long-term interest rate hikes could allow banks to earn higher margins on their loans.

Canada’s 5-year yield was up 3.7 basis points at 1.251%, after touching its highest level since February 2020 at 1.335%.

The energy sector climbed to its highest intraday level since May 2019 before closing 0.1% lower. Financials also gave back some recent gains, down 0.3%, but Materials Group, which includes precious and base metal miners and fertilizer companies, added 1.5%.

Shares of uranium maker Camco Corp were up 14.7% after Scotiabank raised its target price on the stock.

Denison Mines Corp climbed 19.4%, while Lithium America Corp ended 17.7% higher. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Jonathan Otis)

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