Pot producers, tech stocks lift Toronto index

Canada's main stock index rose on Tuesday, aided by gains in technology stocks and pot producers, although concerns around soaring inflation and a global slowdown capped the rise.

The Toronto Stock Exchange's S&P/TSX composite index was up 233.2 points, or 1.15 per cent, at 20,439.61, on Tuesday morning and was set for its third consecutive session of gains.

Toronto-listed technology stocks gained 2.4 per cent tracking gains in U.s.-heavy tech Nasdaq index, while health-care stocks jumped 2.7 per cent with pot producers Canopy Growth, Aurora Cannabis and Cronos Group up between 2.5 per cent and 4.4 per cent.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.3 per cent as gold prices edged up in a rangebound trade on a slide in U.S. dollar helped bullion recover slightly from last session's near four-month lows.

“A weaker dollar and slight retreat in Treasury yields were seen as key factors triggering a move to the upside. Regardless of recent gains, the precious metal is certainly not out of the woods yet,” said Lukman Otunuga, senior research analyst at FXTM. Reuters