Canada Stocks: TSX ticks higher on upbeat results, renewed rate cut bets

Canada Goose Holdings

16/05/2024 15:46

(Updated at 1021 ET (1421 GMT)

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      Canada Goose jumps after Q4 results beat
    

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      Lightspeed Commerce rises as Q1 revenue exceeds estimates
    

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      TSX up 0.1%
    

  
    By Khushi Singh
       May 16 (Reuters) - Canada's main stock index moved
higher on Thursday on improved rate cut bets after
softer-than-expected U.S. inflation data, while shares of luxury
apparel group Canada Goose  GOOS.TO  surged on fourth-quarter
results beat.
    At 10:21 a.m. ET (14:21 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was up 31.79 points, or 0.14%,
at 22,316.55.
    Canada Goose  GOOS.TO  surged to the top of the index,
adding 19.7%, as the luxury apparel group beat Wall Street
estimates for fourth-quarter results, riding on a recovery in
North America and steady demand in China for its pricey puffer
jackets.
    The broader consumer discretionary  .GSPTTCD  index rose
0.4%.
    Rate-sensitive real-estate  .GSPTTRE  index advanced 0.5%,
as investors remained optimistic after data showed U.S. consumer
prices climbed less than expected in April, increasing bets
among traders that the U.S. Federal Reserve will cut rates in
September.
    "Investors are seeing the slowing economy and slowing
inflation; it is likely to give the Fed a go-ahead to lower
rates as it seems to want," said Kim Forrest, chief investment
officer at Bokeh Capital Partners.
    The materials sector  .GSPTTMT , which includes precious and
base metals miners and fertilizer companies, was the top
sectoral decliner with a 0.3% fall, hurt by a slip in gold
prices.  GOL/  
    Across the border, the benchmark S&P 500 and tech-heavy
Nasdaq rose marginally, setting fresh all-time highs.  .N 
    In corporate updates, Lightspeed Commerce  LSPD.TO  gained
14.9% as the cloud commerce solution provider beat first-quarter
revenue estimates.
    Shares of International Petroleum Corporation  IPCO.TO 
slipped 5.6% to the bottom of TSX after Jefferies downgraded the
energy company to "Hold" from "Buy".

 (Reporting by Khushi Singh in Bengaluru; Editing by Vijay
Kishore)
 ((Khushi.Singh@thomsonreuters.com))