The Canadian equities market continued to rise for a second consecutive session on Tuesday, despite the release of slightly hotter-than-expected U.S. consumer inflation numbers. The S&P/TSX Composite Index climbed by 62 points, or 0.3%, yesterday to 21,831 — its highest closing level since April 2022.
On the one hand, shares of utility and mining companies witnessed weakness. On the other hand, most other sectors, primarily consumer cyclical, industrial, and energy, traded on a firm note, helping the TSX benchmark end the session in green territory.
According to the U.S. Bureau of Labor Statistics, the consumer price index for all urban consumers increased by 0.4% in February 2024 compared to a 0.3% rise in the previous month. Similarly, the annual inflation rate stood at 3.2% last month, with the shelter and gasoline indexes being key contributors.
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