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TCS shares rise to $5.75 after Glenmark shares rise on report

TCS shares rise to $5.75 after Glenmark shares rise on report

Share prices of major Canadian financial services companies rose to a three-week high Wednesday after U.S. shares rose.

TCS, a division of the Toronto Stock Exchange, rose to $1.90 from $1 and Glenmark rose to 75 cents from 66 cents.

The U.K. stock market gained as much as 3.7 per cent.

The benchmark S&P 500 gained 0.7 points, or 0.4 per cent, to 2,933.30.

Canadian stocks are now trading in the red.

U.M.F., the benchmark U.N. agency, said Wednesday that global inflation is expected to slow this year and that it expected global growth to slow to 1.6 per cent in 2019 from 2 per cent this year.

The Bank of Canada said it expected inflation to remain subdued through the first half of 2020.

The Canadian dollar rose to 95 cents US from 91 cents US.

Canadian companies in the top 10 have posted their best quarterly profit since 2009.

In March, the Bank of Montreal cut its forecast for inflation this year to 1 per cent from 2.5 per cent as U.B.C. data showed a surge in sales of homes and cars.

On Wednesday, the U. S. dollar slipped to 94.80 cents US, its lowest since late March.