By Ketki Saxena
Investing.com – Canada's main stock index, the S&P/TSX Composite rallied to an eight-week high, even as Wall Street traded on a muted note.
The Canadian index was supported by the heavyweight energy sector as crude prices rebounded from a four-month low.
Cooling domestic inflation for raw materials and industrial products also drove optimism, boosting bets that the Bank of Canada has concluded its monetary policy tightening campaign.
Toronto Stock Market News
First Quantum (TSX:FM) announced that it has reached an agreement with the union representing workers at its flagship Cobre Panamá open-pit copper mine to guarantee salaries as protests and blockades disrupt operations, and as the contract faces legal challenges.
Blackberry (TSX:BB) announced it has secured a long-term software and services agreement with the Government of Malaysia. Blackberry will provide a full suite of cybersecurity solutions to the Malaysian government.
Canopy Growth (TSX:WEED) announced that an Ontario court has approved the sale of its BioSteel sports drink business’s brand and assets. Canopy’s chief financial officer Judy Hong said the sales process identified two qualified buyers. Financial terms of the agreements were not yet made available.
For earnings, view our earnings calendar.
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In Canadian Economics
Statistics Canada reported that the industrial product price index fell 1.0% in October on a monthly basis, compared to a 0.4% monthly rise in September. On a 12-month basis, the producer-price index was down 2.7%.
Prices for raw materials were down 2.5% on a monthly basis in September, and down 0.8% from a year earlier.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.