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(Updates prices, adds analyst comments)
By Amal S
June 23 (Reuters) - Canada's main stock index inched higher on Thursday, aided by gains in Bombardier, although advances were limited by weakness in miners and on concerns over a global recession due to aggressive interest rate hikes.
At 9:54 a.m. ET (13:54 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 20.3 points, or 0.11%, at 19,024.34.
Meanwhile, U.S. stock indexes inched higher as easing government bond yields lifted high-valued growth stocks.
"This is more a continuation of what we saw yesterday, i.e the sense that even though (Fed Chair Jerome) Powell reiterated he would be coming down strongly on inflation at the possible risk of growth, stocks took some comfort from that as rampant inflation is just as negative for equity valuations as is lower growth," said Stuart Cole, head macro economist at Equiti Capital.
"But uncertainty is still the name of the game, and this is why we are seeing asset price moves that don't always seem to make too much sense."
Powell said on Wednesday the U.S. Federal Reserve is "strongly committed" to bringing down inflation that is running at a 40-year high while policymakers are not trying to cause a recession in the process.
Bombardier Inc jumped 3.8% to the top of the index after it said on Wednesday that workers on a key program for the business jet maker ratified a new labor contract that will deliver pay hikes of up to 18.5% over five years.
The broader industrial sector rose 0.8%, the energy sector gained 0.1% as U.S. crude prices were up 0.5% a barrel, while Brent crude added 0.5%.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.9%, weighed down by weakness in copper prices.
In previous session, the benchmark index slipped after data showed that domestic inflation accelerated to 7.7% in May, the highest since January 1983.
Meanwhile, Bank of Canada Senior Deputy Governor Carolyn Rogers said on Wednesday that inflation in Canada was much too high and did not rule out a 75-basis-point increase at the central bank's July decision. (Reporting by Amal S in Bengaluru; Editing by Maju Samuel)