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.
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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."
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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.