TORONTO, Oct 14 (Reuters) - Canada's main stock index rebounded on Tuesday as the materials sector benefited from recent metal price increases and investors cheered U.S. bank earnings results.
The S&P/TSX composite index (.GSPTSE), ended up 502.72 points, or 1.7%, at 30,353.61, after posting on Friday its biggest decline in six months. The market was closed on Monday for the Thanksgiving Day holiday.
"This is really playing catch-up with the big move in the commodities we saw yesterday in the U.S.," said Greg Taylor, chief investment officer at PenderFund Capital Management.
Both copper and gold posted gains on Monday. The latter notched a record high on Tuesday above the $4,100 level, lifted by expectations of a rate cut this month by the U.S. Federal Reserve and an investor flight to safety after a flare-up in trade tensions between Washington and Beijing.
The materials group (.GSPTTMT), which includes metal mining shares, was up 3.2%. Orla Mining Ltd (OLA.TO), shares jumped 19.6% after the company provided an operational update for the third quarter.
U.S. stocks ended mixed as investors digested mostly positive third-quarter results from big U.S. banks.
"They came in probably a little better than feared and (provide) a decent read through for the Canadian banks," Taylor said.
Heavily weighted financials (.SPTTFS), rose 1.8%, consumer discretionary (.GSPTTCD), was up 2.1% and technology (.SPTTTK), added 2%.
Shares of uranium producer Energy Fuels Inc soared 29.9%. Still, energy was the only one of 10 major sectors to lose ground, dipping 0.3%. settled 1.3% lower at $58.70 a barrel as the International Energy Agency warned of a huge supply glut in 2026, and as U.S.-China trade tensions persisted.
Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed and Deepa Babington
