20.10.2021 19:59:55
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Canadian Market Modestly Higher Despite Inflation Data
(RTTNews) - Despite opening on a weak note after data showed an acceleration in the nation's inflation, the Canadian market is modestly up in positive territory Wednesday afternoon, riding on gains in industrials and financial sectors.
Real estate and energy stocks are also finding some support, while healthcare and information technology stocks are weak.
The benchmark S&P/TSX Composite Index is up 71.50 points or 0.34% at 21,158.49, after climbing to a new high of 21,175.66.
The Capped Industrials Index is climbing up 1.5%. Canadian National Railway (CNR.TO) is gaining 5%. 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.
New Flyer Industries (NFI.TO) and Snc-Lavalin (SNC.TO) are up 2.5% and 2.1%, respectively. Lifeworks Inc (LWRK.TO), Aecon Group (ARE.TO) and Ffl Environmental (GFL.TO) are up 1 to 1.7%.
Financial shares Goeasy Ltd. (GSY.TO), Onex Corp (ONEX.TO), Brookfield Asset Management (BAM.A.TO) and Bank of Nova Scotia (BNS.TO) gained 1 to 2.7%.
Real estate shares CDN Apartment (CAR.UN.TO), Interrent Real Estate (IIP.UN.TO), Killam Apartment (KMP.UN.TO) and Allied Properties (AP.UN.TO) are up 1 to 2%.
Data released by 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.
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