Canadian Market Up Sharply On All-round Buying After U.S. Inflation Data

RTTNews | 574 days ago
Canadian Market Up Sharply On All-round Buying After U.S. Inflation Data

(RTTNews) - The Canadian market is up sharply on Tuesday with stocks across the board gaining significant ground in positive territory thanks to strong buying interest. Softer than expected U.S. inflation data, and higher commodity prices are aiding sentiment.

Real estate, materials, utilities, healthcare, financials and communications stocks are up sharply. Several stocks from consumer discretionary, technology and industrials sectors are also up with impressive gains.

The benchmark S&P/TSX Composite Index is up 325.47 points or 1.65% at 20,034.62 a few minutes past noon.

Softer than expected inflation data from U.S. has eased concerns about the outlook for interest rates. The Labor Department said U.S. consumer price index was unchanged in October after climbing by 0.4% in September. Economists had expected consumer prices to inch up by 0.1%. Core consumer prices edged up by 0.2% in October after rising by 0.3% in September. Core prices were expected to rise by another 0.3%.

The report also said the annual rate of consumer price growth slowed to 3.2% in October from 3.7% in September. Economists had expected the pace of growth to decelerate to 3.3%.

The Real Estate Capped Index has surged about 4.5%. The Materials Capped Index is climbing nearly 3% and the Utilities index is up 2.5%.

The indices tracking the movements of stocks from financials, communications, consumer discretionary and information technology sectors are up 1.7 to 1.5%.

Docebo Inc (DCBO.TO) is soaring 8.5%. BRP Inc (DOO.TO) is gaining 7%, while Colliers International (CIGI.TO), FirstService Corporation (FSV.TO), West Fraser Timber (WFG.TO) and Shopify Inc (SHOP.TO) are up 4 to 5.2%.

Cargojet (CJT.TO), TFI International (TFII.TO), Kinaxis Inc (KXS.TO), Franco-Nevada Corporation (FNV.TO), Waste Connections (WCN.TO), WSP Global (WSP.TO) and Canadian Tire Corporation (CTC.A.TO) are gaining 2 to 3.5%.

Teck Resources Limited (TECK.A.TO) is up 2.3%. Glencore Plc announced its binding agreement to acquire a 77% effective interest in Teck Resources' steelmaking coal business, Elk Valley Resources or EVR, for $6.93 billion in cash.

Premium Brands Holdings Corporation (PBH.TO) reported adjusted earnings of $56.4 million in the third-quarter of the current financial year, compared to adjusted earnings of $61.3 million in the year-ago quarter.

Data released by Statistics Canada this morning showed car registrations in Canada increased to 163,279 units in September from 158,531 units in August.

read more
Asian Shares Climb On Trade Talk Optimism

Asian Shares Climb On Trade Talk Optimism

Asian stocks advanced on Wednesday after top U.S. and Chinese officials said they have reached a framework to implement the Geneva consensus, following two days of discussions in London.
RTTNews | 48 minutes ago
Commodity Currencies Slide Amid Crude Oil Price Drop

Commodity Currencies Slide Amid Crude Oil Price Drop

The commodity currencies such as the Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Wednesday amid crude oil price drop, as markets awaited the outcome of US-China trade talks, which have yet to be approved by President Donald Trump, with China's poor oil demand and OPEC+ output increases weighing on the market.
RTTNews | 1h 15min ago
Sensex, Nifty Marginally Higher In Lackluster Trade

Sensex, Nifty Marginally Higher In Lackluster Trade

Indian shares were marginally higher on Wednesday after top U.S. and Chinese officials agreed on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | 4h 57min ago
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,600 level to fresh all-time highs, following the positive cues from Wall Street overnight, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.
RTTNews | 5h 58min ago
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid easing trade war tensions after top U.S. and Chinese officials agreed upon a "framework" to move forward on trade, following two days of high-level talks in London. The framework will first need to be approved by leaders in Washington and Beijing.
RTTNews | 6h 23min ago
Sensex, Nifty Set For Muted Start

Sensex, Nifty Set For Muted Start

Indian shares are seen opening little changed on Wednesday despite top U.S. and Chinese officials agreeing on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | 6h 52min ago