TSX Slides As Economy Heats Up -- Canadian Commentary

(RTTNews) - Canadian stocks fell Monday as strong economic data hinted at further interest rate hikes from the Bank of Canada.

Canada's wholesale sales rose 0.9% to a record high $61.6 billion in May. Sales were up in six of the seven subsectors, representing 80% of total wholesale sales.

The IMF said it now expects the Canadian economy to grow by 2.5 per cent in 2017, up from its April projection of 1.9 per cent.

The loonie hit 80 cents versus the U.S. dollar for the first time in two years. The TSX Composite Index was down 54.44 points to 15,128.69.

Sears Canada (SCC.TO) faces online boycott calls over ex-employee treatment, CP reports.

Rayonier Advanced Materials aised its bid for lumber maker Tembec Inc. by 17 percent. Rayonier Advanced is now offering C$4.75 per share.