Toronto Stocks Climb as Inflation Cools in June; Goodfood Market Rises on Full-Year Earnings Upgrade

By Adriano Marchese

Stocks in Toronto were solidly higher midday Tuesday as investor sentiment took well to the news that inflation in Canada continued to recede in June. Canada's consumer price index climbed 2.8% in the month from a year earlier, less than the 3% growth that was expected. However, food price inflation remained elevated and mortgage interest costs were still up by more than a third. Most sectors in Canada were higher at midday, led by energy, materials and consumer durables. Health services was the main of few laggards, followed by tech and communications

Canada's S&P/TSX Composite Index advanced 0.65% to 20357.72 and the blue-chip S&P/TSX 60 was 0.53% higher, reaching 1221.01.

Shares in Goodfood Market were sharply higher, rising 14% to 52 Canadian cents (39 cents) after the Canadian online meal solutions company upgraded its expectations for the full year after logging better-than-expected revenue and loss in its fiscal third quarter.

Other market movers:

Dye & Durham shares climbed 2.4% to C$20.67 after it said that it surpassed a milestone of reaching C$100 million of annual recurring revenue as the company seeks to change its revenue base.

Telesat said its demonstration satellite aboard Rocket Lab's Electron rocket launched successfully as part of a rideshare program. Shares in Toronto were 1.9% higher at C$13.25.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

July 18, 2023 12:18 ET (16:18 GMT)

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