In a positive turn of events, stocks in Toronto climbed on Wednesday as they tracked gains on Wall Street. This came after the latest U.S. consumer-price index data revealed an increase in inflation during the month of August.
Market Performance
During midday trading, the S&P/TSX Composite Index showed a 0.4% increase, reaching 20295.11, while the blue-chip S&P/TSX 60 also advanced by 0.4% and stood at 1217.80. Despite weakness in the technology sector, retail and finance stocks managed to offset the broader decline.
Notable Stock Movements
- North West: Shares of North West jumped by 15% and reached C$34.62. This surge followed the announcement of an increased dividend, which was made possible by an impressive 18% rise in earnings for the latest quarter.
- Dollarama: The stock of Dollarama saw a 4% increase, reaching C$92.95, after the retail chain reported stronger-than-expected second-quarter earnings. This was attributed to higher sales from more frequent and larger transactions made by customers.
- Sigma Lithium: Shares of Sigma Lithium surged by 19%, reaching C$51.64. The lithium producer announced that it is currently considering various strategic alternatives.
Positive Performance by Major Banks
The major banks also exhibited positive market performance, with Bank of Montreal leading the way with a 1.2% gain, closely followed by Royal Bank of Canada, which rose by 1.1%.