Afternoon Market Update

Canadian stocks gained, driven by a rise in gold-mining stocks after gold prices reached another record high level above $1,290 an ounce. The S&P/TSX Composite Index rose 0.3% to 12,201.5. As per data by the Federal Housing Finance Agency (FHFA), US house prices dropped to the lowest level in about 6 years to 0.5% in July. The monthly prices have also fallen1.2% in June. House prices have declined 3.3% over the 12 months. Shares of General Mills GIS rose about 2% after the company reported a 12% rise in its FQ1 net income, driven by sales of cereals, snacks and yogurt. FIS reported upbeat results for the latest quarter. Powell said, “We continue to believe renewed moderate levels of inflation for the industry will gradually result in improved sales trends in our categories as promotion levels will likely ease in response to renewed cost pressure.” Read more from Benzinga's Markets.