TSX Rises 0.48% as Materials and Bank Stocks Gain Ahead of BoC Decision

Canada's benchmark S&P/TSX Composite Index climbed 170.21 points, or 0.48%, to 35,958.39 by early afternoon on Monday, lifted by materials and bank stocks as easing oil prices tempered inflation concerns. Materials stocks advanced on higher precious metals prices, with 5N Plus up 5.5% and Seabridge Gold up 4.3%. Ero Copper, Methanex, Lundin Mining, First Quantum Minerals and Teck Resources gained 1.8% to 4%. Bank shares rose 0.7% to 1.3% — including Royal Bank of Canada, Bank of Montreal and Bank of Nova Scotia — ahead of the Bank of Canada's policy announcement on Wednesday, when a 25-basis-point rate hike is widely expected. The Federal Reserve, also meeting Wednesday, is expected to hold rates. Precision Drilling gained nearly 6%, while Tilray fell more than 4%. Statistics Canada reported wholesale sales rose 0.5% in September, rebounding from a 1.6% decline in August.