TSX Ends Moderately Lower After BoC Raises Interest Rates

RTTNews | 810 дней спустя

(RTTNews) - The Canadian market ended weak on Wednesday after the Bank of Canada raised its benchmark rates by 25 basis points, after holding rates unchanged in the previous two meetings.

Technology and consumer staples shares were the major losers. Energy stocks climbed higher as oil prices moved up.

The benchmark S&P/TSX Composite Index ended down 71.91 points or 0.36% at 19,983.69. The index, which climbed to 20,149.95 after opening marginally up, retreated soon after the central bank announced its interest rate decision.

The Canadian central bank this morning increased its target for the overnight rate by 25 basis points to 4.75%, citing stubbornly high inflation and strong than expected economic growth.

The BoC, which had left interest rates unchanged for two straight meetings, said the rate hike reflects its view that monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target. The central bank reiterated that it remains resolute in its commitment to restoring price stability for Canadians.

The bank's Governing Council said it will continue to assess the dynamics of core inflation and the outlook for consumer price inflation.

Data from Statistics Canada showed, Canada posted a trade surplus of C$ 1.94 billion in April of 2023, wider than the downwardly revised surplus of C$ 0.23 billion in the previous month. Exports jumped by 2.5% to C$ 64.8 billion, while imports fell by 0.2% to C$ 62.9 billion.

North West Company Inc. (NWC.TO) tanked nearly 11% after quarter results fell short of expectations. Canadian Tire Corporation (CTC.TO) ended more than 8% down, and Shopify Inc (SHOP.TO) ended lower by 6.6%, while Kinaxis (KXS.TO) drifted down nearly 6%.

Open Text Corporation (OTEX.TO), Restaurant Brands International (QSR.TO), Descartes Systems Group (DSG.TO), Agnico Eagle Mines (AEM.TO) and Constellation Software (CSU.TO) lost 2.5 to 4%.

Franco-Nevada Corporation (FNV.TO), CGI Inc (GIB.A.TO), Waste Connections (WCN.TO) andTFI International (TFII.TO) also declined sharply.

Precision Drilling Corporation (PD.TO), Cogeco Communications (CCA.TO), Nutrien (NTR.TO), Fairfax Financial Holdings, Canadian Pacific Kansas City (CP.TO) and Tourmaline Oil Corp (TOU.TO) gained 3 to 4.2%.

Colliers International (CIGI.TO), Cogeco Inc (CGO.TO), Linamar Corporation (LNR.TO), Imperial Oil (IMO.TO), West Fraser Timber (WFG.TO) and Canatian National Railway (CNR.TO) advanced 1 to 2.7%.

Australian Market Extends Early Losses In Mid-market

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RTTNews | 1ч 16мин назад

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RTTNews | 1ч 36мин назад

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RTTNews | 2ч 48мин назад

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RTTNews | 3ч 18мин назад

Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 3ч 33мин назад

Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Tuesday, recouping the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains gold miners.

RTTNews | 3ч 35мин назад

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