TSX Pares Gains After Hitting Fresh Record High; Gildan Activewear Soars 11%

(RTTNews) - Despite coming off early highs, the Canadian market remains in positive territory on Wednesday afternoon, supported by gains in consumer discretionary, communications and real estate sectors. Stocks from financial section are also faring reasonably well.

The mood is cautiously positive amid optimism the Federal Reserve will reduce interest rate in September, and the upcoming between meeting between U.S. President Donald Trump and Russian President Vladimir Putin could find a solution to end the war in Ukraine.

The benchmark S&P/TSX Composite Index, which climbed to a new record high at 28,063.73, was up 54.27 points or 0.19% at 27,875.53 a little while ago.

The Consumer Discretionary Capped Index is up 2.1%. Gildan Activewear is soaring 11%. Gildan Activewear and HanesBrands, Inc. (HBI) announced Wednesday that they have entered into a definitive merger agreement under which Gildan will acquire HanesBrands.

Brp Inc, Linamar Corp., Aritzia and Magna International are gaining 2 to 4%.

The Communications Services Capped Index is up 1.7%. Bce Inc is gaining 2.3%, while Cogeco Communications, Quebecor, Rogers Communications and Telus Corp are up 1 to 2%.

Real estate stock Altus Group is rising 4.2%. FirstService Corp, Colliers International, Allied Properties Real Estate, Primaris REIT and Choice Properties are up 1 to 1.5%.

In the financials sector, Toronto-Dominion Bank, Fairfax Financial, Manulife Financial and IA Financial Corp are gaining 1 to 1.5%.

Hydro One is up 1% after reporting second-quarter net income of $327 million, compared with $292 million in the year-ago quarter.

Metro Inc shares are down nearly 9% despite reporting higher quarterly earnings. The company reported net earnings of $323 million for the third quarter of its current financial year, up 9% compared to a year ago.