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Russel Metals climbs to top of TSX
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B2Gold Corp falls on Sabina Gold & Silver acquisition
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Magna wins new contract with General Motors
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Dye & Durham tanks to bottom of TSX
By Shristi Achar A Feb 13 (Reuters) - Canada's main stock index edged higher on Monday, with Russel Metals leading the advance, ahead of U.S. inflation data due later in the week as investors awaited clues on the Federal Reserve's monetary tightening path.
At 10:00 a.m. ET (1500 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 80.27 points, or 0.39%, at 20,692.39. Russel Metals Inc jumped nearly 5%, to the top of the TSX, after multiple brokerages raised their price targets for the metals distributor's stock.
Magna International Inc rose 2% after the auto parts maker gained a new contract from General Motors to supply battery enclosures on the new 2024 Chevrolet Silverado EV, pushing consumer discretionary sector up by 1.1%. All eyes will be on U.S. inflation data, due on Tuesday, which could define the outlook for global interest rates.
"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.
While the Bank of Canada became the first major central bank to signal a pause on increasing interest rates after a hike in January, recent slew of strong economic data – both domestic and from the United States – have made the case for more rate increases for longer.
The energy sector fell 0.2% as oil prices slipped on short-term demand concerns. In company news, B2Gold Corp fell 5.5% after the gold miner announced it will acquire Sabina Gold & Silver Corp in a deal valued at C$1.1 billion ($823.66 million).
The stock dragged the materials sector down by 0.1%
In earnings, Software company Dye & Durham fell 4.7% after the company posted a net loss and decline in revenue for the second quarter of FY23. (Reporting by Shristi Achar A in Bengaluru; Editing by Shailesh Kuber)
