Investing.com – Canada’s main stock index, the S&P/TSX composite ended 0.11% higher on Tuesday, tracking Wall Street’s main indices higher. Sentiment in Canada got a boost from a downside surprise to Canadian CPI, which helped bolster bets of a rate cut from the Bank of Canada in June.
Canada’s in February unexpectedly cooled to 2.8% also eased to their lowest in over two years. Money markets are now pricing in over 75 basis points of rate cuts from the BoC in 2024, compared to expectations for 60 bps in cuts prior to the CPI release.
The commodity heavy Canadian index was supported by crude prices, which rose on the prospect of tightening supply after softer exports from Iraq and Saudi Arabia. The energy sub sector was the top performed on the today.
The biggest gainers of the session on the S&P/TSX Composite were Gildan Activewear (TSX:) Inc. (TSX:GIL), which rose 10.84% or 4.96 points to trade at 50.71 at the close.
