(Adds comments, updates prices throughout)
* TSX breaches 20k for first time in two months
* Canada Goose jumps as luxury demand defies inflation
* Element Fleet raises FY forecast, shares gain
Aug 11 (Reuters) - Canada's main stock index on Thursday
extended gains on strong results reported by Canada Goose
on resilient luxury demand, a day after
softer-than-expected U.S. inflation data lifted market
Canada is expected to release inflation data early next
At 9:59 a.m. ET (1359 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 170.38 points, or
0.86%, at 20,056.32. The index breached 20,000 points for the
first time since June.
"What we're seeing in the markets today is continued gains
following yesterday's consumer price inflation report, a sense
that perhaps maybe the Central bank in the U.S. doesn't have to
tighten as quickly as they have previously," said Colin
Cieszynski, chief market strategist at SIA Wealth Management.
Element Fleet Management Corp jumped 13% after the
fleet management firm also beat earnings estimates, while the
financials sector gained 0.9%.
Keeping gains in the sector in check was a 0.2% decline in
shares of Canada's largest life insurer Manulife Financial Corp
, which reported only a marginal beat in earnings
Luxury goods company Canada Goose jumped 10% on
strong quarterly results, benefiting from inflation-resilient
The energy sector climbed 2.6% as Suncor Energy
added nearly 2% as it considers spinning off its
Petro-Canada gas business that accounts for 13% of Canada's
retail fuel market.
If the deal is given a green light by Canada's antitrust
body, it could reap over $8 billion and boost returns to unhappy
Suncor's poor safety record and lackluster stock performance
prompted a demand for changes from activist Elliott Investment
Management, following which it replaced its chief executive
officer in July.
U.S. crude prices were up 1.6% a barrel, while Brent
crude added 1.3%.
The industrials sector rose 0.1%.
(Reporting by Johann M Cherian in Bengaluru; Editing by