Canada Stocks Close Lower; Most Sectors Down; Strong Retail Sales Fail to Buoy Stocks

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Canada stocks on Friday dropped 26 points and took gains made this week to around 0.76%. Friday, the market was initially buoyed by news of a better than expected rise in retail sales. Stocks hit a 5-year high before reversing and moving lower in afternoon trading.

CIBC in a note published shortly after the data came out told investors to not be fooled by the number. Canadian inflation is heating up, not cooling down, it said. CIBC noted the 12-month rate of inflation dropped to 1.1% in February from 1.5%, and the core rate also fell to 1.2% from 1.4%. But that was all due to a very high monthly figure in Feb 2013 dropping out of the calculation, according to the bank.



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This article appears in: Investing , Commodities

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