Toronto stocks saw modest gains in midday trading on Wednesday, shrugging off the latest Canadian Consumer Price Index (CPI) report for November, which revealed that inflation remained unchanged at 3.1%. This defied predictions from analysts, who had expected a dip below 3%.
Mixed Sector Performance
Sector performance in the session was mixed. Health tech, consumer discretionary, and utilities were the main laggards, while gains were primarily seen in consumer durables, retail, and energy.
Market Indexes
Canada’s S&P/TSX Composite Index rose by 0.13% to reach 20867.43, while the blue-chip S&P/TSX 60 climbed 0.16% to 1259.02.
Gildan Activewear Saga Continues
The ongoing saga between Gildan Activewear and its former chief executive continued on Wednesday. Gildan stands by its newly appointed CEO, Vince Tyra, stating that former CEO Glenn Chamandy refused to follow the company’s succession plan while he was leading the company. This information was shared in a letter from the board. As a result, Gildan’s shares dropped by 2.1% to 45.07 Canadian dollars (US$33.80).
Other Market News
In other market news, shares of SNC-Lavalin Group (which is in the process of rebranding to AtkinsRealis) rose by 1.7% to C$43.03 after being appointed to support the design of the New Murabba masterplan in Saudi Arabia.
