Canada Stocks: TSX edges higher ahead of U.S. inflation data

Russel Metals

13/02/2023 15:48

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      Russel Metals climbs to top of TSX
    

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      B2Gold Corp falls on Sabina Gold & Silver acquisition
    

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      Magna wins new contract with General Motors
    

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      Dye & Durham tanks to bottom of TSX
    

  
    By Shristi  Achar A
       Feb 13 (Reuters) - Canada's main stock index edged higher on Monday,
with Russel Metals leading the advance, ahead of U.S. inflation data due later
in the week as investors awaited clues on the Federal Reserve's monetary
tightening path.  
    At 10:00 a.m. ET (1500 GMT), the Toronto Stock Exchange's S&P/TSX composite
index  .GSPTSE  was up 80.27 points, or 0.39%, at 20,692.39.
    Russel Metals Inc  RUS.TO  jumped nearly 5%, to the top of the TSX, after
multiple brokerages raised their price targets for the metals distributor's
stock.  
    Magna International Inc  MG.TO  rose 2% after the auto parts maker gained a
new contract from General Motors  GM.N  to supply battery enclosures on the new
2024 Chevrolet Silverado EV, pushing consumer discretionary sector  .GSPTTCD  up
by 1.1%.
    All eyes will be on U.S. inflation data, due on Tuesday, which could define
the outlook for global interest rates. 
    "Everyone is really cautious to see just what the CPI is going to do
tomorrow, whether that's going to be a hotter number than expected," said Greg
Taylor, portfolio manager at Purpose Investments, warning that a bigger rise in
prices could spook markets. 
    While the Bank of Canada became the first major central bank to signal a
pause on increasing interest rates after a hike in January, recent slew of
strong economic data – both domestic and from the United States – have made the
case for more rate increases for longer.  
    The energy sector  .SPTTEN  fell 0.2% as oil prices slipped on short-term
demand concerns.  O/R   
    In company news, B2Gold Corp  BTO.TO  fell 5.5% after the gold miner
announced it will acquire Sabina Gold & Silver Corp  SBB.TO  in a deal valued at
C$1.1 billion ($823.66 million). 
    The stock dragged the materials sector  .GSPTTMT  down by 0.1%  
    In earnings, Software company Dye & Durham  DND.TO  fell 4.7% after the
company posted a net loss and decline in revenue for the second quarter of FY23.
 (Reporting by Shristi Achar A in Bengaluru; Editing by Shailesh Kuber)
 ((Shristi.AcharA@thomsonreuters.com;))