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TSX Rallies to 9 Week High as Canadian Inflation Cools

Published 2023-07-18, 02:07 p/m
© Reuters.

By Ketki Saxena

Investing.com -- The TSX rallied to an almost nine-week peak today, fuelled by gains in energy and material stocks following data that revealed a more-than-anticipated drop in Canada's annual inflation rate for June.

The Biggest Stories on Bay Street

Goodfood Market Corp., reported a loss of $1.2 million this quarter as opposed to $21.1 million during the same period last year despite experiencing a dip in sales figures. Per-share loss for the quarter ending on June 3 stood at two cents, significantly lower than 28 cents per share recorded last year. Net sales meanwhile dropped from $67 million this time last year to $42.1 million.

Credit Suisse (SIX:CSGN) upgraded convenience store operator Alimentation Couche-Tard Inc from "neutral" status to "outperform." 

Canadian Stocks Moving Markets Today

Top Gainers: 

  • Precision Drilling (TSX:PD)
  • TFI International Inc (TSX:TFII)
  • Baytex Energy (TSX:BTE)

Top Losers: 

  • Tilray (TSX:TLRY)
  • Storage Vault Canada Inc (TSX:SVI)
  • Shopify (TSX:SHOP)

Top Losers: 

In Canadian Economics

Canada's consumer price index witnessed an increase of 2.8% YoY basis for June after recording a hike of 3.4% back in May while it rose by just 0.1% on seasonally adjusted monthly terms.

Industrial produce price index declined by 0.6% MoM during June and saw a fall of about 5.5% YoY basis whereas raw materials price index fell by approximately 19.%7 YoY basis but decreased only by 1.5% on a monthly basis in June.

According to reports from Canada Mortgage and Housing Corporation (CMHC), housing starts escalated dramatically over one month - up by 41% to 281,373 units in June 2023. This figure exceeded market expectations set at 220,000 units. 

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