TSX rises to record high as US inflation data supports Fed rate-cut bets
The S&P/TSX composite index (.GSPTSE), opens new tab ended up 146.03 points, or 0.5%, at 27,921.26, edging past the record closing high it posted last Wednesday.
U.S. consumer prices increased marginally in July, though rising costs for services such as airline fares and some tariff-sensitive goods like household furniture caused a measure of underlying inflation to post its largest gain in six months.
"Inflation is on the rise, but it didn't increase as much as some people feared," said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.
"In the short term, markets will likely embrace these numbers because they should allow the Fed to focus on labor-market weakness and keep a September rate cut on the table."
Canada sends about 75% of its exports to the United States, much of which are exempt from U.S. tariffs under a continental trade pact, so its economy could benefit if the Fed moves to stimulate growth.
The heavily weighted financials sector (.SPTTFS), opens new tab rose 0.7%, with shares of Brookfield Corp (BN.TO), opens new tab up 1.9%.
Real estate was up 1.1%, while the materials group (.GSPTTMT), opens new tab, which includes metal mining shares, added 0.9% as gold and copper prices moved higher.
Altus Group AIF.TO, opens new tab is exploring a potential sale after receiving inbound acquisition interest, two people familiar with the matter said. Shares of the software and data analytics provider focused on the real estate industry jumped 9.5%xxx.
Nine of 10 major sectors ended higher. The exception was utilities, which lost 0.1%.
Gildan Activewear Inc (GIL.TO), opens new tab shares fell 3.7% after a report that the apparel manufacturer is nearing a deal to acquire Hanesbrands (HBI.N), opens new tab.
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