Canadian Market Modestly Higher In Cautious Trade Ahead Of Fed Announcement

(RTTNews) - The Canadian market is modestly higher Wednesday morning, lifted by gains in consumer discretionary, utilities and technology sectors. Still, with the focus on Federal Reserve's monetary policy announcement later in the day, the mood remains a bit cautious.

The Fed is widely expected to leave interest rates unchanged. The focus is on the accompanying statement and economic projections for clues about the outlook for rates.

The benchmark S&P/TSX Composite Index is up 87.45 points or 0.4% at 21,948.03

Canopy Growth Corporation (WEED.TO) is up with a hefty gain of 15.3%, with the counter clocking a huge volume of nearly 2.8 million shares so far in the session.

Aurora Cannabis (ACB.TO), Bitfarms (BITF.TO) and BlackBerry (BB.TO) are gaining 5.5%, 4.3% and 2.7%, respectively, on strong volumes. Tilray Brands (TLRY.TO) and National Bank of Canada (NA.TO), up 1.2% and 0.75%, respectively, are also among the most actively traded stocks.

Aritzia Inc (ATZ.TO) is gaining nearly 5%. Gildan Activewear (GIL.TO) is climbing 3%. Badger Infrastructure (BDGI.TO) is up nearly 3%, while Bombardier Inc (BBD.B.TO), West Fraser Timber (WFG.TO), Magna International (MG.TO), Canadian Tire Corporation (CTC.A.TO), Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO), Canadian National Railway (CNR.TO) and Descartes Systems Group (DSG.TO) are advancing 1 to 2.3%.

Boyd Group Services (BYD.TO) is down more than 5%. The company said its adjusted net earnings increased 111.7% to $89.7 million in 2023, compared with $42.4 million in adjusted net earnings in 2022.

First Quantum Minerals (FM.TO) is down 3.2%, while AutoCanada (ACQ.TO) and Labrador Iron Ore Royalty Corporation (LIF.TO) are lower by 2% and 1.1%, respectively.