Toronto Stocks Inch Up, Canadian CPI Growth Slows to 2%; Corus Rises on Buyout Interest Report

By Adriano Marchese

Toronto indexes were only slightly higher Tuesday at midday. In the fight against inflation, Canada reported that the consumer-price index rose 2.0% in August from a year earlier, just below economists' expectations and marked a sharp slowdown from 2.5% in July.

Sector performance was mixed so far in the session, with retail trade, consumer durables and materials stocks the outsized laggards. The main gainers were tech, manufacturing and process industries stocks.

Canada's S&P/TSX Composite Index was 0.1% higher at 23714.27 and the blue-chip S&P/TSX 60 was virtually flat at 1424.14.

Shares of Corus Entertainment were 27% higher at 17 Canadian cents (13 U.S. cents) after the Globe and Mail reported that the struggling media company could be the target of acquisition by Quebecor, one of Canada's largest telecom companies.

Other market movers:

Perpetual Energy shares rose by 13% to C$0.45 after the company agreed to merge with Rubellite Energy in an all-stock combination.

Medipharm Labs shares were up 16% to C$0.07 after the company said it has paid off the remainder of its debt, freeing resources to grow the business.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 17, 2024 12:23 ET (16:23 GMT)

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