Toronto Stocks Edge Higher as Canadian CPI Eases to 2.8%, Canfor Rises on Buyback Plan
By Adriano Marchese
Toronto-listed stocks were slightly higher Tuesday.
Most sectors were trending higher, led by consumer durables, health services and commercial services. Canada's tech sector retreated the most, followed by materials and transportation.
Canada's S&P/TSX Composite Index was 0.20% higher at 21881.08 and the blue-chip S&P/TSX 60 rose by 0.21% to 1318.24.
On the macro front, Canadian inflation eased for a second straight month in February to its slowest since June, which analysts believe could set the stage for interest rate cuts later in the year. Forecasts were for inflation to sit at around 3%.
Canfor intends to renew its share repurchase program to buy back up to 5% of its shares over the course of a one-year period. Shares were 1.9% higher at 16.27 Canadian dollars ($12.02).
Other market movers:
CGI said that it has been awarded a $72 million contract with an agency of the U.S. Health and Human Services Department to improve the online Medicare platform. The company's stock was 0.9% higher at C$158.25.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 19, 2024 12:35 ET (16:35 GMT)
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