CANADA STOCKS-TSX hits record high as corporate news, US data boost sentiment
By Twesha Dikshit
July 17 (Reuters) - Canada's main stock index rose on Thursday, buoyed by consumer staple shares, as investors parsed corporate updates and positive U.S. data that showed the economy holding up despite threat of inflation.
Toronto Stock Exchange's S&P/TSX composite index .GSPTSE climbed 0.4% to 27,260.34 points, surpassing the previous intraday record high on Tuesday.
U.S. weekly jobless and June retail sales data showed retail sales rebounding more than expected in June and initial jobless claims below the anticipated amount.
"What we have seen is markets are becoming a little numb to these trade uncertainty headlines because we've seen so many reversals and push back in these deadlines," said Angelo Kourkafas, senior global investment strategist at Edward Jones.
"This week's data highlights that theme of resilience - for the consumer, for the economy, the markets - remains intact."
In corporate news, Circle K-operator Alimentation Couche-Tard ATD.TO pulled its $46 billion bid to buy 7-Eleven's parent company Seven & i Holdings 3382.T, saying the Japanese retailer did not engage constructively on the deal. Shares jumped 10.2%, boosting the consumer staples index .GSPTTCS.
Info tech stocks added almost 1%, with e-commerce company Shopify SHOP.TO gaining 2.6%.
On the flipside, material stocks fell 1.2%; heavyweight gold and silver miners dropped, tracking bullion prices. Orla Mining OLA.TO slipped 2.7% while Barrick Mining ABX.TO and IAMGOLD Corp IMG.TO lost over 2% each.
Investors are monitoring tariff updates with U.S. President Donald Trump's August 1 deadline quickly approaching.
Prime Minister Mark Carney said on Wednesday that steel tariff quotas will be introduced for countries with which Canada has free trade agreements, excluding the U.S., in a bid to protect the domestic steel industry.
Among individual stocks, bus and coach maker NFI Group NFI.TO added 4.2% and ranked among top gainers on the index after brokerage BMO upgraded the stock's rating to 'outperform.'
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