20.10.2021 23:22:27

Canadian Market Closes On Firm Note Again; TSX Hits New High

(RTTNews) - Despite data showing an acceleration in inflation, the Canadian stock market hit a fresh record high on Wednesday with traders continuing to bet on optimism about earnings.

Shares from industrials, real estate and financial sectors were among the prominent gainers. A few stocks from the energy section too posted strong gains.

The benchmark S&P/TSX Composite Index ended with a gain of 101.20 points or 0.48% at 21,188.19, which was the day's high as well.

Data from Statistics Canada showed the annual inflation rate in Canada accelerated to 4.4% in September from 4.1% in August, faster than market expectations of 4.3%. It was the highest inflation rate since February of 2003.

The Consumer Price Index in Canada increased 0.2% in September over the previous month. Core consumer prices in Canada increased 3.7% in September over the same month in the previous year.

The Capped Industrials Index climbed 1.6%. Canadian National Railway (CNR.TO), the biggest gainer in the section, moved up 5.2%. The company reported that its third-quarter net income climbed to C$1.69 billion or C$2.37 per share from C$985 million or C$1.38 per share in the prior year. The company said it expects to deliver 10% adjusted earnings per share growth versus 2020 adjusted earnings per share of C$5.31.

The stock rose also in reaction to news that the railroad operator's CEO Jean-Jacques Ruest will retire at the end of January, following investor demands for his exit after the company's failed bid for Kansas City Southern KSU.N.

SNC-Lavalin (SNC.TO) gained 2.7%, while Lifeworks Inc (LWRK.TO), Aecon Group (ARE.TO) and New Flyer Industries (NFI.TO) advanced 2.1%, 1.95% and 1.9%, respectively.

Wajax Corporation (WJX.TO) gained more than 7%. Sleep Country Canada Holdings (ZZZ.TO) gained 4.25%, Goeasy (GSY.TO) climbed 3.2%, Canadian Apartment Properties (CAR.UN) gained 2.7% and Magna International (MG.TO) ended higher by 1.6%.

Tecsys Inc (TCS.TO) shed about 5% and Teck Resources (TECK.B.TO) declined 4.7%. Restaurant Brands International (QSR.TO), Fairfax Financial Holdings (FFH.TO), Boyd Group Services (BYD.TO) and Kinaxis Inc (KXS.TO) ended lower by 1.7 to 2.2%.

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!