TSX ekes out gain as Canadian CPI surprise raises Bank of Canada rate cut hopes
Investing.com | Author Ketki Saxena
Published Mar 19, 2024 17:02
Investing.com - Canada’s main stock index, the S&P/TSX composite ended 0.11% higher on Tuesday, tracking Wall Street’s main indices higher. Sentiment in Canada got a boost from a downside surprise to Canadian CPI, which helped bolster bets of a rate cut from the Bank of Canada in June.
Canada's annual inflation rate in February unexpectedly cooled to 2.8% Core inflation measures also eased to their lowest in over two years. Money markets are now pricing in over 75 basis points of rate cuts from the BoC in 2024, compared to expectations for 60 bps in cuts prior to the CPI release.
The commodity heavy Canadian index was supported by crude prices, which rose on the prospect of tightening supply after softer exports from Iraq and Saudi Arabia. The energy sub sector was the top performed on the TSX today.
The biggest gainers of the session on theGIL ), which rose 10.84% or 4.96 points to trade at 50.71 at the close.
Gildan shares soared following the announcement that its board is putting the company for sale following a confidential takeover bid and a review by a special committee.
Africa Oil Corp (TSX:AOI) (TSX:BBU_u ) was up 3.50% or 0.99 points to 29.25 in late trade.
Biggest losers included BlackBerry (TSX:BB) Ltd (TSX:KNT ) shed 5.51% or 0.35 points to 6.00.
On Wall Street, the S&P 500 clinches a record high supported by energy stocks, and as Nvidia (NASDAQ:NVDA) reversed losses from earlier in the day.
Focus now turns to the Federal Reserve decision due Wednesday.
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Written By: Investing.com
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