TSX Ends At More Than 2-month High

(RTTNews) - The Canadian stock market ended higher on Tuesday, moving up for a fifth straight session, after data showed inflation in the country dropped from a month earlier.

Consumer staples shares moved up sharply. Several stocks from consumer discretionary, communications, financials and materials sectors posted strong gains. Energy stocks drifted lower on weak crude oil prices.

The benchmark S&P/TSX Composite Index ended with a gain of 89.37 points or 0.44% at 20,269.97, the highest close in more than two months.

Premium Brands Holdings Corporation (PBH.TO), Linamar Corporation (LNR.TO), George Weston (WN.TO), Ag Growth International (AFN.TO) and Loblaw Companies (L.TO) gained 1.8 to 3%. Bank of Montreal (BMO.TO) advanced 1.25%.

Dye & Durham (DND.TO) and Candian Tire Corporation (CTC.TO) both ended lower by more than 6%. MEG Energy Corp (MEG.TO) drifted down 5.25% and Quebecor Inc (QBR.A.TO) ended nearly 3% down.

Nuvei Corp (NVEI.TO), Maxar Technologies (MAXR.TO), Boyd Group Services (BYD.TO), Lithium Americas Corp (LAC.TO) and Kinaxis (KXS.TO) shed 1 to 2.5%.

Data from Statistics Canada showed Canada's annual inflation rate at 7.6% in July of 2022, easing from the 39-year high of 8.1% hit in the prior month and in line with market estimates. The Consumer Price Index increased 0.1% in July over the previous month.

Core consumer prices in Canada increased 6.1% in July of 2022 over the same month in the previous year.

Meanwhile, housing starts in Canada increased by 1.1% over a month earlier to 275,329 units in July of 2022, data from the Canada Mortgage and Housing Corporation (CHMC) showed.