Canadian stock market flat as investors digest inflation data

Canada's main stock market was little changed on Friday as annual inflation rate rose to the central bank's target of 2 percent in April for the first time in two years. The benchmark S&P/TSX composite index edged up 5.81 points, or 0.04 percent, to 14,708.10 points, with seven of the eight major sectors eking out a slight gain. The index ended the week with solid gains of 193.36 points or 1. 33 percent, advancing to a nearly three-week high. Most of sectors were little changed, as investors was taking in the latest inflation data. The Statistics Canada reported on Friday that the consumer price index for April rose at an annualized rate of 2 percent, following a 1.5 percent increase in March. The most weighed sector financials dropped 0.01 percent after a 1.11 percent spike in the last trading day. Bank of Montreal fell 0.03 percent to 76.27 Canadian dollars (about 70.17 Canadian dollars), while Element Financial Corp. decreased 0.15 percent to 13.68 Canadian dollars per share. Meanwhile, the health care rose 0.5 percent, leading the gains. The drug maker Valeant Pharmaceuticals International was up 1.76 percent to 145.01 Canadian dollars, and Concordia Healthcare Corp. added 0.69 percent to 30.76 Canadian dollars. The info-tech sector added 0.44 percent as the IT and business consulting services provider CGI Group Inc. hiked 1.22 percent to 37.23 Canadian dollars, but the smart phone maker Blackberry lost 0.63 percent to 7.87 Canadian dollars. In other sectors performances, both the energy and the industrials sectors rose 0.11 percent, and the telecom sector added 0.03 percent. The Canadian currency strengthened as the inflation climbed. The Canadian dollar Friday was up to 0.9199 U.S dollar from 0.9179 U.S. dollar on Thursday.