CANADA STOCKS-TSX hits record high after US inflation relief; Dollarama jumps

By Ragini Mathur

June 11 (Reuters) - Canada's main stock index climbed on Wednesday as investors welcomed softer-than-expected U.S. inflation figures, while strong results from Dollarama lifted the consumer discretionary sector.

The S&P/TSX composite index .GSPTSE rose 0.5% at 26,562.13 points, clinching an intraday record high.

The Wall Street indexes rose in the day after a cooler-than-expected Consumer Price Index (CPI) data for the month of May calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts by the U.S. Federal Reserve.

"On a day-to-day basis for the past couple of months, it seems like the trade updates have really driven markets...now it seems like maybe we are getting past that and refocusing on real economic data and things that are driving the market in a more meaningful way," said Josh Sheluk, portfolio manager at Verecan Capital Management.

Meanwhile, a day after officials from Washington and Beijing agreed on a framework to restore their trade truce, President Donald Trump said the U.S.-China deal was done, with Beijing set to supply magnets and rare earth minerals.

A White House official said the agreement allows the U.S. to charge a 55% tariff on imported Chinese goods, while China would charge a 10% tariff on U.S. imports.

On TSX, the consumer discretionary sector .GSPTTCD rose 3% as Dollarama DOL.TO jumped 11% after the value retailer's quarterly results beat analysts' estimates, while the technology sector .SPTTTK advanced 1.5%.

The heavyweight energy sector .SPTTEN climbed 0.6% as oil prices jumped to their highest in seven weeks.

The benchmark index has rallied in recent weeks and recovered from a slump in April sparked by Trump's "Liberation Day" tariffs.

"As long as there is not a recession in Canada and the U.S., I think markets should continue to go higher," said Sheluk.