TSX Creeps Closer To Record Highs -- Canadian Commentary

(RTTNews) - Candian stocks continued to rise Friday, finishing the week at their highest in eight months amid optimism over U.S. tax reform plans.

Mixed Canadian economic data was a bit of a killjoy, however, as data showed the nation's retail sales fell unexpectedly and consumer price inflation rose less than expected in September.

Inflation slowed to 0.2 percent on a seasonally adjusted monthly basis in September. Economists had expected the inflation to grow by 0.3 percent, following a 0.2 percent rise in August.

Canadian retail sales declined 0.3 percent in August to $48.9 billion in September. Economists were calling for an increase of 0.5 percent. This follows a 0.4 percent rise in July.

Core retail sales fell 0.7 percent month-on-month, after a 0.2 percent gain in August.

Concordia International (CXR.TO) plunged 30 percent after the pharma company said it will undertake a debt restructuring which may substantially dilute existing shareholders.

The TSX Composite Index was up 56 points to 15,875, nearing record highs from back in February.