TSX Rises For 8th Straight Session, Looks Set To Scale New Peak
(RTTNews) - The Canadian market is up in positive territory, extending gains to an eighth straight session, as the undertone continues to remain firm amid easing concerns about tariffs, and the recent data showing a smaller than expected increase in U.S. consumer price inflation in the month of April.
Gains in industrials, communications, utilities, consumer, materials, real estate sectors contribute to market's upside. Several stocks from the financial sector have also moved higher.
Energy stocks are down, weighed down by weak oil prices.
The benchmark S&P/TSX Composite Index was up 151.65 points or 0.59% at 25,844.10 a little while ago. The index now looks well on course to move past the record high of 25,875.61 it touched in January this year.
On the economic front, data from Canada Mortgage and Housing Corporation showed housing starts in Canada increased to 278,600 units in April from 214,200 units in March.
Manufacturing sales in Canada decreased to -1.4% in March from 0.2% in February. Wholesale sales in Canada dropped to 0.2% in March from 0.3% in February, data from Statistics Canada showed.
Atkins Realis Group Inc. shares are soaring 12.5%. MDA Space, Stantec, WSP Global, CAE Inc., Lundin Gold, Onex Corporation, Great-West Lifeco Inc., FirstService Corporation, Wheaton Precious Metals and Dollarma are gaining 2 to 5%.
Vermilion Energy is down by about 5%. Cameco Corporation, Hut 8 Corp., Precision Drilling Corporation, ATS Corporation, Cenovus Energy, Cargojet, Parex Resources, International Petroleum Corporation, Celestica, MEG Energy, Tourmaline Oil Corporation and Suncor Energy are declining 2 to 4%.
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