TSX Rises To Fresh Record High, Eyes 23k Mark

(RTTNews) - The Canadian market is up firmly in positive territory Tuesday morning, with soft inflation data triggering strong buying at several counters. The benchmark S&P/TSX Composite, which has hit a fresh record high, looks well on course to move past the 23k milestone.

Technology stocks are moving up sharply. Shares from materials and consumer discretionary sectors are among the other major gainers.

The S&P/TSX Composite Index, which climbed to 22,932.95, is up 168.65 points or 0.74% at 22,920.33 about half an hour before noon.

The Information Technology Capped Index is up nearly 2.5%. Shopify Inc (SHOP.TO), up 8.1%, tops the list of gainers in the sector. The stock is up following BofA Global Research upgrading its rating to "buy."

Bitfarms (BITF.TO) is up 5.5%, and Coveo Solutions (CVO.TO) is climbing 4.5%. Celestica Inc (CLS.TO), Converge Technology Solutions (CTS.TO), Quarterhill (QTRH.TO) Lightspeed Commerce (LSPD.TO), Docebo Inc (DCBO.TO), Computer Modelling Group (CMG.TO) and CGI Group Inc (GIB.A.TO) are gaining 1.5 to 3%.

Materials shares up on strong metal prices. First Majestic Silver Corp (AG.TO), MAG Silver Corp (MAG.TO), Novagold (NG.TO), Pan American Silver Corp (PAAS.TO), Iamgold (IMG.TO), Silvercrest Metals (SIL.TO), Wheaton Precious Metals (WPM.TO), Fortuna Silver Mines (FVI.TO), B2Gold Corp (BTO.TO) and Eldorado Gold (ELD.TO) are up 3 to 5%.

Consumer discretionary stocks Gildan Activewear (GIL.TO), Restaurant Brands International (QSR.TO), Sleep Country Canada Holdings (ZZZ.TO), Spin Master (TOY.TO) and BRP Inc (DOO.TO) are up 1.7 to 2.3%.

Data from Statistics Canada said the annual inflation rate in Canada eased to 2.7% in June from 2.9% in the earlier month, and equaling the three-year low from April.

Canadian consumer prices edged down by 0.1% from the previous month in June, against estimates of a 0.1% increase. Consumer prices saw the first monthly decrease of the year in June.

The core inflation rate in Canada fell 0.1% from a month earlier in June, following a 0.6% increase in May. Core consumer prices in Canada increased by 1.9% in June, compared to the same month in the previous year, and up from 1.8% in May.

Data released by Canada Mortgage and Housing Corporation showed housing starts in Canada fell by 9% over a month earlier to 241,672 units in June.