The ongoing recovery in Canadian equities gained pace on Tuesday as the cooler-than-expected U.S. wholesale inflation report for July boosted investors’ confidence. The S&P/TSX Composite Index climbed by 219 points, or 1%, during the session to settle at 22,618, its highest closing level in over a week.
Despite an intraday weakness in commodity prices, all key sectors ended the session in positive territory, but the market rally was mainly driven by strong gains in consumer, financial, and technology stocks.
In July, the U.S. Producer Price Index (PPI) for final demand increased by 0.1%, following a 0.2% rise in June. This modest uptick in PPI was driven by a 0.6% increase in final demand goods, notably fueled by a 2.8% rise in gasoline prices.
Top TSX Composite movers and active stocks
SSR Mining, Ballard Power Systems, K92 Mining, and BlackBerry were the top-performing TSX stocks for the day as they inched up by 5.1% each.
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