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TSX rises 90.11 points, or 0.4%, to 20,702.23
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Magna gains 3.3%; company wins General Motors contract
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Russel Metals jumps 6.2%
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B2Gold Corp falls on Sabina Gold & Silver acquisition
(Adds details throughout; updates prices to close)
By Fergal Smith
Feb 13 (Reuters) - Canada's main stock index edged higher on Monday,
helped by gains for the technology and consumer discretionary sectors, but gains
were capped ahead of a key U.S. inflation report.
The Toronto Stock Exchange's S&P/TSX composite index rose 90.11
points, or 0.4%, to 20,702.23, continuing its choppy trading pattern since the
start of the month.
Wall Street also closed higher as investors awaited inflation data on
Tuesday that is likely to hint at the path of the Federal Reserve's future
interest rate hikes.
"Everyone is really cautious to see just what the CPI is going to do
tomorrow, whether that's going to be a hotter number than expected," said Greg
Taylor, portfolio manager at Purpose Investments, warning that a bigger rise in
prices could spook markets.
The Toronto market's technology sector rose 0.7% and consumer discretionary
was up 1.7%.
It was helped by a gain of 3.3% for the shares of Magna International Inc after the auto parts maker gained a new contract from General Motors to supply battery enclosures on the new 2024 Chevrolet Silverado EV.
Russel Metals Inc shares jumped 6.2% after multiple brokerages
raised their price targets on the stock of the metals distributor.
Shares of Dye & Durham Ltd were a drag, falling 2.9%, after the
software company posted a net loss and decline in revenue for the second
quarter.
Gold miner B2Gold Corp announced it will acquire Sabina Gold &
Silver Corp in a deal valued at C$1.1 billion ($823.66 million).
Its shares fell nearly 5%, while the materials group, which includes
precious and base metals miners and fertilizer companies, ended 0.3% lower.
(Reporting by Fergal Smith; Additional reporting by Shristi Achar A in
Bengaluru; Editing by Shailesh Kuber and Deepa Babington)
