Jun 11, 2025 (Baystreet.ca via COMTEX) --
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 TSX Composite Index came off its highs of the morning, but was still in the green 79.52 points to move into noon hour EDT at 26,505.83.
The Canadian dollar nudged higher 0.03 cents to 73.18 cents U.S.
In corporate news, WSP Global said on Wednesday that it would acquire British environmental and engineering consulting firm Ricardo for about 363.1 million pounds ($489.6 million U.S.) including debt.
WSP shares gained 94 cents to $272.82.
On TSX, the consumer discretionary sector rose as Dollarama jumped $14.70, or 8.4%, to $190.46, after the value retailer's quarterly results beat analysts' estimates, while the technology sector advanced 1.5%.
Late on Tuesday, U.S. and Chinese officials ended two days of trade negotiations in London with pledges to revive an agreement struck last month in Geneva and remove China's export restrictions on rare earths - a sticking point in that deal.
The new agreement will be taken back to the leaders of the two countries for approval.
In the economic arena, Statistics Canada said in April, the total value of building permits issued in Canada decreased by $829.6 million (-6.6%) to $11.7 billion.
ON BAYSTREET
The TSX Venture Exchange recovered 6.2 points to 723.50.
Eight of the 12 TSX subgroups gained ground, led by consumer discretionary issues, jumping 2.3%, information technology, up 1.6%, and health-care, haler by 0.7%.
The four laggards were weighed most by consumer staples, sagging 0.6%, industrials, down 0.2%, while utilities slid 0.1%.
ON WALLSTREET
Stocks rose on Wednesday after the release of softer-than-expected inflation data, and as the U.S. and China reached a preliminary trade agreement.
The Dow Jones Industrials gained 82.37 points to 42,949.24
The S&P 500 index inched up 0.67 points to 6,039.48. The much broader index rose in six of the last seven trading days and was less than 2% below a record reached in February. At one point, the benchmark index was about 20% below a record.
The NASDAQ Composite declined 5.05 points to 19,709.94.
Shares of Tesla rose more than 2%, on track for their fourth straight winning day, after CEO Elon Musk said he regrets some of the social media posts he made regarding Trump.
Musk also announced on Tuesday that Tesla robotaxi rides in Austin, Texas, are 'tentatively' set to start on June 22. Separately, quantum computing stocks jumped after Nvidia CEO Jensen Huang said the space is reaching an inflection point.
The consumer price index rose 0.1% in May from April, less than the 0.2% estimate from economists polled by Dow Jones. Core CPI, which strips out volatile food and energy prices, also increased 0.1%, less than expected.
U.S. and Chinese officials reached a consensus after a round of talks in London. As part of the framework, China would approve the exports of rare earth minerals while the U.S. would roll back restrictions on the sale of advanced technology to China.
President Donald Trump said in a Truth Social post on Wednesday that the deal with China is "done, subject to final approval with President Xi and me". He added that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%."
As part of the trade agreement, he said that magnets and "any necessary rare earths" will be supplied up front by China and the U.S. will allow Chinese students to attend U.S. colleges and universities. The prospect of opening up China to American trade is "a great WIN for both countries," Trump said in the post.
Prices for the 10-year Treasury gained, lowering yields to 4.43% from Tuesday's 4.47%. Treasury prices and yields move in opposite directions.
Oil prices added $1.70 to $66.68 U.S. a barrel.
Gold prices brightened $10.00 to $3,353.40 U.S. an ounce.
COMTEX_466282401/2559/2025-06-11T12:27:27
