TSX Up Nearly 1% As Interest Rate Concerns Drop

(RTTNews) - The Canadian market is up firmly in positive territory Wednesday afternoon as U.S. consumer price inflation data has raised hopes the Federal Reserve will lower interest rates in its next meeting, or in March 2025.

Technology, real estate, financials and healthcare stocks notably higher. A few stocks from consumer staples, industrials and materials sectors are also up, while shares from the rest of the sectors are mostly subdued.

The benchmark S&P/TSX Composite Index was up 220.35 points or 0.9% at 24,808.32.

Technology stocks Celestica Inc (CLS.TO) and BlackBerry (BB.TO) are up 4.5% and 3.3%, respectively. Sangoma Technologies (STC.TO), Shopify Inc (SHOP.TO) and Enghouse Systems (ENGH.TO) are gaining 2.3% to 3.2%.

In the real estate sector, Colliers International (CIGI.TO) is soaring nearly 10%. First Capital (FCR.UN.TO), Altus Group (AIF.TO), Riocan Real Estate (REI.UN.TO), Allied Properties (AP.UN.TO) and Allied Properties Real Estate (AP.UN.TO) are up 1.5 to 2%.

Financials shares Goeasy (GSY.TO), EQB Inc (EQB.TO), Manulife Financial (MFC.TO), Brookfield Corporation (BN.TO), Igm Financial (IGM.TO), Laurentian Bank (LB.TO), Sprott Inc (SII.TO) and Sun Life Financial (SLF.TO) are up 2 to 3%.

Healthcare stocks Chartwell Retirement Residences (CSH.UN.TO), Tilray Inc (TLRY.TO) and Sienna Senior Living Inc (SIA.TO) are up 2.6%, 1.2% and 2%, respectively.

Data from the Labor Department showed consumer prices in the U.S. rose by slightly more than expected in December, while the annual rate of core consumer price growth unexpectedly slowed.

The Labor Department said its consumer price index climbed by 0.4% in December after rising by 0.3% in November. Economists had expected consumer prices to rise by another 0.3%.

The report also said the annual rate of growth by consumer prices accelerated to 2.9% in December from 2.7% in November, in line with economist estimates.