By Robb M. Stewart
Stocks on Canada's main exchange began the week on solid footing, advancing in step with gains on Wall Street.
Quarterly consumer and business surveys released by the central bank point to a gloomy outlook for the economy and easing inflationary pressures, which may leave the door open to a second cut to interest rates when Bank of Canada policymakers meet next week.
In midday trading, the Toronto Stock Exchange's benchmark S&P/TSX Composite Index was 0.6% higher at 22808.23. The technology, mining and finance sectors led broad gains, more than offsetting weakness in utilities.
The blue-chip S&P/TSX 60 was ahead 0.6% at 1359.11.
Stelco's shares rallied 73% to C$64.78 after the steelmaker said it had reached a deal worth 3.4 billion Canadian dollars (US$2.5 billion) to be acquired by Cleveland-Cliffs.
Other market movers:
Algoma Steel climbed 13% to C$11.34, continuing gains in recent days and putting in on pace for the largest percent increase since mid-June 2022, when it rose 19.62%
Corus Entertainment dropped 25% to C$0.15 after the media company's quarterly loss widened more than analysts were expecting.
Champion Iron was 2.5% lower at C$5.94 after the miner was forced to suspended operations in eastern Canada over the weekend as an out-of-control wildfire burns on the outskirts of Labrador City.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
07-15-24 1226ET
