By Adriano Marchese
Toronto stocks were firmly higher mid-trading Tuesday, with most sectors pushing the S&P/TSX Composite Index up by 175.42 points. In the session, materials, energy and consumer durables were the main gainers while only tech, process industries and communications lagged. Shares of Canadian miner Lundin Gold Inc. jumped in early trading after the company said drill tests have confirmed continuity of gold deposits at its mine in Ecuador as well as potential new targets.
Canada’s S&P/TSX Composite Index was up 0.87% at 20151.50 and the blue-chip S&P/TSX 60 rose by 0.86% to 1223.60.
Lundin Gold shares rose 16% to C$12.90 after the company said the results from its conversion drilling program at the Fruta del Norte gold mine confirmed wide, consistent mineralization throughout the southern sector of the site and pointed to new potential targets for further drilling.
Other market movers:
George Weston Ltd. shares climbed 2.5% to C$163.34 after reporting a rise in profit in the third quarter, better than analysts forecasted, benefiting from fair value adjustments in the period.
Write to Adriano Marchese at firstname.lastname@example.org
Read More: Toronto Stocks Rise; Lundin Gold Jumps on Positive Fruta del Norte Drill Tests