Canada Stocks: Technology shares lift TSX higher; miners limit gains

Canada Goose Holdings

19/07/2024 16:05

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      TSX up 0.1%
    

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      Canada's retail sales fall in May
    

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      Technology lead the sectoral gains
    

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      Wedbush initiates coverage on Canada Goose with outperform
    

  
 (Updated at 10:15 a.m. ET/ 14:15 GMT)
    By Nikhil Sharma
       July 19 (Reuters) - Canada's resource-heavy stock index
edged higher on Friday, led by technology and real estate
shares, while losses in precious and base metal miners kept a
check on gains.
    At 10:15 a.m. ET (1402 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was up 0.1% at 22,741.24
points.
    Meanwhile, Wall Street indexes slipped on Friday, as
investors continued selloff of chip and megacaps technology
stocks.  .N 
    The information technology  .SPTTTK  led sectoral gains with
a 0.7% rise, as blockchain-farm operator Bitfarms  BITF.O 
gained on rising bitcoin prices, while real estate  .GSPTTRE 
also was among the top performers, up 0.3%.
    Leading sectoral losses was the materials sector  .GSPTTMT 
that fell 0.3%, after gold prices slipped against a firm dollar,
while copper prices eased on the back of concerns about a weak
Chinese economy.  GOL/   MET/L  
    A global tech outage on Friday disrupted operations across
industries, from airlines and broadcasting to banking and
healthcare. 
    Meanwhile, Canadian retail sales slipped more than expected
to 0.8% in May, data showed on Friday, further boosting calls
for an interest rate cut. On the other hand, producer prices
remained unchanged in June from May.
    Markets are pricing in a 91% likelihood of a 25-basis points
rate cut in the next policy meeting on July 24.  #BOCWATCH 
    "I don't think there will be any surprises. Overall
inflation does seem to be heading down at this point and labor
market has been softening a bit," Graham Priest, investment
advisor at BlueShore Financial.
    "Most forecasts would indicate a cut and that's what we will
be receiving." 
    Among individual stocks, the luxury parka maker Canada Goose
Holdings  GOOS.TO  shares rose 3% as Wedbush initiated coverage
on the stock with an outperform rating.

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya
Biswas and Vijay Kishore)
 ((Nikhil.Sharma@thomsonreuters.com;))