TSX gains for fifth day on precious metal miners boost

Canada’s main stock index rose on Thursday, buoyed by strength in shares of precious metal miners with sentiment also lifted by gains on Wall Street following signs of cooling inflation.

At 10:04 a.m. ET (1404 GMT), the Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) was up 21.82 points, or 0.11%, at 20,476.14.

U.S. stock indexes opened higher as moderating producer prices and a jump in weekly jobless claims brought relief to investors worried about how far the Federal Reserve will hike interest rates to tame inflation.

“We’ve had some good inflation data recently in the U.S. and in Canada as well. The U.S. producer price index and the consumer price index came in better than expected and that is contributing to a stronger start in the U.S. and in Canada,” said Scott Blair, chief investment officer at CWB Wealth.

The materials sector (.GSPTTMT), which includes precious and base metals miners and fertilizer companies, advanced 1.4% to its highest since May 2022 as spot gold prices rose to a one-year high.

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