TSX Hits Fresh Record High; Technology, Consumer Discretionary Stocks Shine

(RTTNews) - The Canadian market is modestly higher a little past noon on Wednesday, after hitting a fresh record high earlier in the session, amid easing Sino-US trade tensions, somewhat tame U.S. consumer price inflation data, and higher crude oil prices.

Data from Statistics Canada showed building permits in Canada plunged 6.6% in April, after falling 5.3% in March.

Consumer discretionary and technology stocks are among the top gainers. Stocks from energy and healthcare sectors are also finding good support.

The benchmark S&P/TSX Composite Index was up 64.40 points or 0.25% at 26,490.71 about half an hour past noon. The index climbed to a fresh record high 26,586.76 earlier in the session.

The Consumer Discretionary Capped Index is up 2.25%. Dollarama tops the list of gainers, rising nearly 10%. Canadian Tire Corporation is up 2.5% and Brp Inc is gaining about 1.1%.

The Information Technology Capped Index is up 1.53%. Celestica Inc., up 6.3%, is the top gainer in the sector. Shopify is up 3.6%, Sylogist is gaining 2.5% and Docebo Inc is advancing 2.3%.

Energy stocks Parex Resources, Terravest Capital, Headwater Exploration, Kelt Exploration, Imperial Oil, Vermilion Energy, Athabasca Oil Corp, Birchcliff Energy, Whitecap Resources, Arc Resources, Tourmaline Oil Corp., and Suncor Energy are up 1 to 2%.

Tilray Inc. up 3.5%, is the top mover in the healthcare sector. Bausch Health Companies is up with a modest gain.

Data from the Labor Department showed the U.S. consumer price index inched up by 0.1% in May after rising by 0.2% in April. Economists had expected another 0.2% increase.

Meanwhile, the report said the annual rate of consumer price growth accelerated to 2.4% in May from 2.3% in April. The annual rate of consumer price growth was expected to speed up to 2.5%.

Core consumer prices still crept up by 0.1% in May after edging up by 0.2% in April. Economists had expected core consumer prices to rise by another 0.2%.

On the trade front, U.S. and Chinese officials announced an agreement in principle on a framework to ease trade disputes between the two economic superpowers.

The plan is subject to approval by President Donald Trump and his Chinese counterpart Xi Jinping, Commerce Secretary Howard Lutnick told reporters. Without specifying the terms of the framework, Lutnick indicated that both sides agreed to lift export controls on key goods and technologies.