TSX Ends At 9-week High After Soft Inflation Data

RTTNews | 724 days ago
TSX Ends At 9-week High After Soft Inflation Data

(RTTNews) - The Canadian market ended on a firm note on Tuesday as soft inflation data and a sharp rise in housing starts, as well as higher commodity prices helped underpin sentiment.

Energy and materials shares lifted the market higher. A few stocks from consumer discretionary and financials sectors too posted impressive gains.

The benchmark S&P/TSX Composite Index ended with a gain of 149.78 points or 0.74% at 20,376.57, a nine-week closing high.

Data from Statistics Canada showed the annual inflation rate in Canada fell to 2.8% in June of 2023, the lowest since March of 2021, after coming in at 3.4% in May. Over the previous month, the Consumer Price Index increased 0.1% in June.

Meanwhile, core inflation eased to a 2-year low of 3.2% in June, down from 3.7% in May, and below forecasts of 3.5% increase. Core consumer prices went down 0.1% over a month in June 2023, after a 0.4% rise in the prior month.

Housing starts in Canada increased by 41% over a month earlier to 281,373 units in June 2023, above market expectations of 220,000 units. That was the largest change in over 10 years, according to the Canada Mortgage and Housing Corporation.

Data from Statistics Canada showed industrial producer prices in Canada slid by 0.6% over a month in June 2023, falling for the 3rd consecutive month. Prices of raw materials declined with the Raw Materials Price Index dropping by 1.5% on a monthly basis in June, following a revised 5% drop in May.

TFI International (TFII.TO) rallied nearly 6%. Precision Drilling Corporation (PD.TO) gained 5%. Nuvei Corporation (NVEI.TO), Cameco Corporation (CCO.TO), Nutrien (NTR.TO) and Tourmaline Oil Corp (TOU.TO) climbed 3 to 4%.

Canadian Natural Resources (CNQ.TO), Magna International (MG.TO), goeasy (GSY.TO), Agnico Eagle Mines (AEM.TO), Onex Corporation (ONEX.TO), Molson Coors Canada (TPX.B.TO), Constellation Software (CSU.TO), WSP Global (WSP.TO), BRP Inc (DOO.TO) and Franco-Nevada Corporation (FNV.TO) also ended sharply higher.

Shopify Inc (SHOP.TO), Ag Growth International (AFN.TO), GFL Environmental (GFL.TO), Metro Inc (MRU.TO), Waste Connections (WCN.TO) and Loblaw Companies (L.TO) ended lower by 1 to 2.3%.

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