CANADA STOCKS-Toronto market rises as investors cheer U.S. retail sales data

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* TSX is up 34.08 points or 0.2% at 21,717.16 . ends at

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* Technology Group adds 1.3%; Nuwei up about 3%

* Industrialists advanced 0.5%; Financial end 0.3% higher

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* Content group down 0.9%

TORONTO, Nov 16 (Businesshala) – Canada’s main stock index touched a record intraday high before stronger-than-expected US retail sales data on Tuesday boosted investor sentiment, with the index giving back some of its gains .

The Toronto Stock Exchange’s S&P/TSX Composite Index rose 34.08 points, or 0.2%, to end at 21,717.16, after touching its highest intraday high of 21,796.16.

Wall Street also gained ground as data showed US retail sales rose 1.7% in October, the biggest gain since March.

“Spend is a key driver of economic activity and the data is pointing consumers to undercut higher prices, potentially leading to a strong holiday shopping season,” said Ben Zhang, portfolio manager at Nikola Wealth.

“Technology stocks are leading the charge,” Jung said.

The technology group grew 1.3%, driven by a nearly 3% gain for electronic payments technology company Nuwei Corp.

Industrialists advanced 0.5%, while the heavily weighted financial services sector was up 0.3%.

The Toronto market has climbed nearly 25% since the start of the year as higher commodity prices strengthened stocks of resource companies.

Gains on Tuesday for the TSX came as comments from the deputy governor of the Bank of Canada dashed market expectations of a potential interest rate hike.

The Canadian Inflation Report for October, due on Wednesday, could provide further clues on the Bank of Canada’s policy outlook.

Materials Group, which includes precious and base metal miners and fertilizer companies, lost 0.9% as gold retreated from a five-month peak. (Reporting by Fergal Smith; Additional reporting by Shashank Nair in Bengaluru; Editing by Jonathan Otis)


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