Canada Stocks: Toronto stocks climb on mining strength; US CPI data in focus
CANADA STOCKS-Toronto stocks climb on mining strength; US CPI data in focus By Sudeshna Ghoshal
August 12 (Reuters) - Canada's commodity-heavy stock index opened higher on Wednesday, helped by mining and financial shares, while an in-line U.S. inflation reading kept investors leaning toward a Federal Reserve rate hold.
The S&P/TSX Composite Index .GSPTSE was up 0.4% at 36,611.86 points by 10:17 a.m. ET, following Tuesday's record high.
Heavyweight materials stocks .GSPTTMT gained 1.2%, tracking gains in gold and other precious metals. I-80 Gold Corp IAU.TO, Discovery Mining DSV.TO and Aris Mining ARIS.TO advanced between 3.2% and 4.3%.
A 0.6% gain in financial stocks .SPTTFS offered additional support.
Among individual stocks, Air Canada AC.TO surged 12.5% AC.TO, making it the biggest gainer on the index after the airline said it is expecting one of its strongest fall seasons.
Constellation Software SU.TO was the biggest loser, shedding 6.9% after the firm missed second-quarter revenue estimates. Franco-Nevada FNV.TO also shed 1.9% after the gold royalty firm missed quarterly earnings estimates late on Tuesday.
A report by the U.S. Labor Department showed the Consumer Price Index rose 3.4% on an annual basis in July, in line with estimates of economists polled by Reuters, keeping investors leaning toward a Federal Reserve rate hold in September.
The Bank of Canada is widely expected to keep interest rates unchanged during its September meeting, data compiled by LSEG showed.
On Tuesday, Canada's minister in charge of U.S. trade relations, Dominic LeBlanc, met U.S. trade officials, marking his third meeting in as many weeks to try to avert looming tariffs on August 19.
Shiraz Ahmed, CEO of Sartorial Wealth, said there is general optimism around a U.S.-Iran peace deal, and for Canadian investors specifically, there are renewed hopes of some positive output from the trade negotiations with the U.S.
(Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Sahal Muhammed)
((Sudeshna.Ghoshal@thomsonreuters.com;))
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