By Ketki Saxena
Investing.com -- Canada’s main stock index, the S&P/TSX Composite index rose today, tracking Wall Street higher as yesterday's CPI data cemented bets for a pause from the US Federal Reserve in September.
Despite a rise in US CPI levels - which were largely driven by a resurgence in energy prices - core inflation gains were the most subdued is almost two years.
The commodity-heavy Canadian index was also supported by gains in crude, with crude prices hitting their highest level so far this year on a tighter supply outlook for 2023. Metal prices were also supported by China's decision to alleviate price pressures resulting from high inventory.
Canadian Stock Market News
Canopy Growth (TSX:WEED) shares rallied after it announced it has obtained creditor protection from the Ontario Superior Court of Justice for BioSteel Sports Nutrition Inc., its sports nutrition brand, and will now seek permission to sell the brand.
Shares of Laurentian Bank (TSX:LB) fell after the company announced it had concluded its strategic review, but decided against a deal to sell the Bank.
Dye & Durham Ltd (TSX:DND) shares also tanked today, with shares seeing their largest-ever daily drop after the company posted a larger-than-expected fourth-quarter loss.
For all Canadian earnings releases, view our earnings calendar.
Canadian Stocks Moving Markets Today
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In Canadian Economics
Statistics Canada reports that Canadian wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons) grew by 0.2% to $81.3 billion in July.
For all Canadian economic releases, view our economic calendar.