21.05.2024 23:27:17
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TSX Ends Slightly Up At New Record High
(RTTNews) - The Canadian market recorded a fresh closing high on Tuesday, edging up slightly after stocks moved in a tight range. Data showing a slowdown in consumer price inflation raised hopes the central bank will soon start reducing interest rates.
The benchmark S&P/TSX Composite Index, which rose to 22,554.98 in early trades, soon pared most its gains, and then moved in a very narrow range before finally settling at 22,416.01, up 2.79 points or 0.01% from the previous close.
Data from Statistics Canada said the annual inflation rate in Canada eased to 2.7% in April from 2.9% in the earlier month, marking the softest rate of consumer price growth since March 2021.
The reading was consistent with BoC expectations that inflation should remain near 3% in the first half falling below 2.5% in the second half of the year, maintaining the signal that rate cuts are "getting closer".
Consumer prices in Canada rose by 0.5% from the prior month in April of 2024, slowing slightly from the 0.6% increase in March. Annual core inflation rate in Canada slowed to 1.6% in April of 2024, the lowest level in three years and from 2% in March.
Materials shares Centerra Gold (CG.TO), Stelco Holdings (STLC.TO), Algoma Steel Group (ASTL.TO), Interfor Corp (IFP.TO), Nutrien (NTR.TO), Canfor Corp (CFP.TO), Sandstorm Gold (SSL.TO), Pan American Silver Corp (PAAS.TO), Kinross Gold (K.TO) and Labrador Iron Ore (LIF.TO) gained 3 to 4.2%.
Energy stocks Africa Oil Corp (AOI.TO) and International Petroleum Corp (IPCO.TO) climbed 4.6% and 4.1%, respectively. Suncor Energy (SU.TO) gained about 2.7%. Matrr Corp (MATR.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO) and Athabasca Oil Corp (ATH.TO) ended higher by 1 to 1.8%.
Among other prominent gainers, West Fraser Timber (WFG.TO), Canadian Tire Corporation (CTC.TO) and Thomson Reuters Corporation (TRI.TO) surged 1.5 to 2.2%.
Quebecor Inc (QBR.A.TO) dropped nearly 9%. ATS Corporation (ATS.TO) ended down 5.1%. Dayforce Inc (DAY.TO) drifted down 3.4%. Restaurant Brands International (QSR.TO) and Shopify Inc (SHOP.TO) closed lower by 2.3% and 2.2%, respectively.
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