Canadian Market Firmly Down In Negative Territory After BoC Holds Rates
(RTTNews) - The Canadian market is down firmly in negative territory in early afternoon trades on Wednesday, weighed down by losses in healthcare and utilities sectors.
Several stocks from industrials, materials, consumer discretionary and financials sectors are also notably lower.
Investors are digesting the Canadian central bank's interest rate decision. The Bank of Canada today held its main interest rate unchanged at 5% after two back-to-back rises. The central bank cited a shift in the economy to a weaker phase and easing labor-market pressures as the reason for its decision.
The central bank, which said it will continue to monitor inflation dynamics, has not ruled out further tightening.
The benchmark S&P/TSX Composite Index is down 177.10 points or 0.88% at 20,236.66 about half an hour past noon.
Shares of Enbridge Inc (ENB.TO) are down more than 5%. The company announced it has signed a deal to purchase utilities in the U.S. from Dominion Energy for $14 billion.
Docebo Inc (DCBO.TO), TC Energy Corporation (TRP.TO), Bombardier Inc (BBD.B.TO), Restaurant Brands International (QSR.TO), BRP Inc (DOO.TO), Kinaxis Inc (KXS.TO), Premium Brands Holdings Corporation (PBH.TO), WSP Global (WSP.TO), goeasy (GSY.TO) are down 1 to 3%.
Parkland Corporation (PKI.TO) is climbing more than 5%. Canadian Apartment Properties Real Estate (CAR.UN.TO), FirstService Corporation (FSV.TO) and Linamar Corporation (LNR.TO) are up 1 to 1.5%.
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