Canadian Stocks Up In Positive Territory As Investors Cheer Tame U.S. CPI Data

RTTNews | 40 days ago
Canadian Stocks Up In Positive Territory As Investors Cheer Tame U.S. CPI Data

(RTTNews) - Canadian stocks are up in positive territory around noon on Wednesday amid renewed optimism about the outlook for Federal Reserve's interest rates after data showed U.S. consumer price inflation came in unchanged in May, as against expectations of a 0.1% rise.

Real estate, healthcare, technology, materials, financials, consumer staples and industrials shares are among the prominent gainers.

The benchmark S&P/TSX Composite Index was up 160.48 points or 0.73% at 22,047.82 a few minutes before noon.

Canadian Western Bank (CWB.TO) shares are soaring 71%, after National Bank of Canada (NA.TO) reached an all-share deal to acquire CWB that values the lender at about $5 billion. National Bank of Canada shares are down more than 5%.

EQB Inc (EQB.TO), Colliers International (CIGI.TO), Bombardier Inc (BBD.B.TO) and Alimentation Couche-Tard (ATD.TO) are up 3.2 to 5%.

FirstService Corporation (FSV.TO), Cargojet (CJT.TO), BRP Inc (DOO.TO), Boyd Group Services (BYD.TO), Franco-Nevada Corporation (FNV.TO) and WSP Global (WSP.TO) are gaining 1 to 3%.

The Labor Department said its consumer price index came in unchanged in May after rising by 0.3% in April. Economists had expected consumer prices to inch up by 0.1%. The unchanged reading came as a 3.5% nosedive by gasoline prices helped offset a continued increase in prices for shelter.

Excluding food and energy prices, core consumer prices rose by 0.2% in May after climbing by 0.3% in April. Core prices were expected to increase by another 0.3%.

The report also said the annual rate of consumer price growth slowed to 3.3% in May from 3.4% in April. Economists had expected the pace of growth to remain unchanged. The annual rate of core consumer price growth also slowed to 3.4% in May from 3.6% in April. The pace of growth was expected to dip to 3.5%.

The slower than expected annual growth rates are likely to lead to renewed optimism about the outlook for interest rates ahead of this afternoon's monetary policy announcement by the Federal Reserve.

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