TSX ticks higher on upbeat results, renewed rate cut bets

tsx ticks higher on upbeat results, renewed rate cut bets

A screen shows a price of Canada's main stock index, the Toronto Stock Exchange's S&P/TSX composite index, as it rose to a record high in Toronto, Ontario, Canada January 7, 2021. REUTERS/Chris Helgren/Fie Photo

By Khushi Singh

(Reuters) - Canada's main stock index moved higher on Thursday on improved rate cut bets after softer-than-expected U.S. inflation data, while shares of luxury apparel group Canada Goose surged on fourth-quarter results beat.

At 10:21 a.m. ET (14:21 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 31.79 points, or 0.14%, at 22,316.55.

Canada Goose surged to the top of the index, adding 19.7%, as the luxury apparel group beat Wall Street estimates for fourth-quarter results, riding on a recovery in North America and steady demand in China for its pricey puffer jackets.

The broader consumer discretionary index rose 0.4%.

Rate-sensitive real-estate index advanced 0.5%, as investors remained optimistic after data showed U.S. consumer prices climbed less than expected in April, increasing bets among traders that the U.S. Federal Reserve will cut rates in September.

"Investors are seeing the slowing economy and slowing inflation; it is likely to give the Fed a go-ahead to lower rates as it seems to want," said Kim Forrest, chief investment officer at Bokeh Capital Partners.

The materials sector, which includes precious and base metals miners and fertilizer companies, was the top sectoral decliner with a 0.3% fall, hurt by a slip in gold prices. [GOL/]

Across the border, the benchmark S&P 500 and tech-heavy Nasdaq rose marginally, setting fresh all-time highs. [.N]

In corporate updates, Lightspeed Commerce gained 14.9% as the cloud commerce solution provider beat first-quarter revenue estimates.

Shares of International Petroleum Corporation slipped 5.6% to the bottom of TSX after Jefferies downgraded the energy company to "Hold" from "Buy".

(Reporting by Khushi Singh in Bengaluru; Editing by Vijay Kishore)

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