CANADA STOCKS-Industrials, consumer discretionary shares propel TSX higher
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TSX rises 0.2%
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Industrial sector lead gains
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Energy sector top loser
(Updated at 10:23 a.m. ET/ 1523 GMT)
By Purvi Agarwal
Jan 18 (Reuters) - Canada's main stock index inched up on Thursday, bolstered by gains in the consumer discretionary and industrial sectors amid a lack of fresh cues to the future path of interest rates.
At 10:23 a.m. ET (1523 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 47.18 points, or 0.23%, at 20,742.2.
Industrials led sectoral gains in early trade - rising 1.0%, followed by the consumer discretionary sector that gained 0.9%.
Energy and material stocks capped the gains, continuing their decline, falling 0.8% and 0.3%, respectively, despite a recovery in commodity prices after sharp losses in the previous session.
A weekly reading of U.S. jobs data showed the number of Americans filing new claims for unemployment benefits fell last week to its lowest since late 2022, suggesting a likely solid job growth in January.
Domestic retail sales data, due on Friday, could offer hints into the Bank of Canada's monetary policy path ahead of the central bank's meeting in the upcoming week.
"We have had weaker numbers in Canada inflation, that's kind of still going down. Employment and GDP have been weak. There's a possibility that Canada could end up cutting rates first," said Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management.
The benchmark index hit its lowest in nearly four weeks on Wednesday as rate-sensitive stocks dragged after upbeat retail sales data from the United States eroded expectations of an early rate cut by the Fed.
On the companies front, shares of silver miner Fortuna Silver Mines dropped 11.3% after the company reported its annual production forecast.
Oil and gas producer Birchcliff Energy was down 10.5% after it revised its five-year outlook to reflect slower production.
(Reporting by Purvi Agarwal in Bengaluru; Editing by Tasim Zahid)
