AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Canada’s main stock index climbed in a broad-based rally on Wednesday and was set for its biggest single-day jump in a month after data showed domestic inflation eased slightly in November.

At 10:34 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 245.08 points, or 1.27%, at 19,551.97

Canada’s annual headline inflation number for last month came in at 6.8%, a notch above analyst forecasts of 6.7%, but down from 6.9% in October.

“It is a touch higher than expected, but I still think it shows that it is a step down from the prior month and that is really the good news,” said Greg Taylor, a portfolio manager at Purpose Investments.

However, inflation is not going to be easy to stamp out, Taylor added.

Earlier in the month, Bank of Canada Governor said the central bank was trying to raise rates enough to tame inflation without forcing the economy into a deep recession but the greater risk of the two is sticky inflation, which would require “much higher” rates.

All 10 major sectors were in the green with materials stocks, which include precious and base metal miners, leading the gains with a 1.7% rise, followed by energy stocks , up 1.3%, as oil prices rose more than 2%.

Commodity-fueled gains have helped the benchmark index outperform the U.S. S&P 500 index so far this year, losing 8% versus a 18.9% drop in the U.S. benchmark.

Among individual stocks, BlackBerry Ltd slumped to the bottom of the index, losing 6.9% after the tech company said it expects the current macroeconomic environment to pose more near-term challenges.

Comments

Comments are closed.