Canadian Market Modestly Higher After BoC Lowers Interest Rate By 50 Bps

RTTNews | Pred 257 dňami

(RTTNews) - After a fairly solid move up north in early trades Wednesday morning, the Canadian market pared some gains after the Bank of Canada reduced its benchmark rates by 50 basis points as widely expected.

Materials and technology stocks are among the prominent gainers. Healthcare, communications and utilities stocks are weak.

The benchmark S&P/TSX Composite Index, which climbed to 25,631.55 earlier in the session, was up 81.36 points or 0.32% at 25,585.69 a little while ago.

The Bank of Canada said it decided to reduce its target for the overnight rate by 50 basis points to 3.25%, with the Bank Rate at 3.75% and the deposit rate at 3.25%.

The Canadian central bank, which lowered interest rates by 50 basis points in October on the heels of three straight 25 basis point cuts, said the decision to continue slashing rates is intended to support growth and keep inflation close to the middle of the 1-3% target range.

The central bank said the need for further rate cuts would be evaluated "one decision at a time." "Our decisions will be guided by incoming information and our assessment of the implications for the inflation outlook," the bank said. "The Bank is committed to maintaining price stability for Canadians by keeping inflation close to the 2% target."

In its statement, the Bank of Canada noted the possibility U.S. President-elect Donald Trump's incoming administration will impose new tariffs on Canadian exports to the U.S. has increased uncertainty and clouded the economic outlook.

Novagold (NG.TO), the top gainer in the Materials Index, is up nearly 6%. Ssr Mining (SSRM.TO) is up 5.7% and Aya Gold and Silver (AYA.TO) is rising 4.5%. Pan American Silver Corp (PAAS.TO), Calibre Mining (CXB.TO), Orla Mining (OLA.TO), First Majestic Silver (AG.TO), New Gold (NGD.TO), Seabridge Gold (SEA.TO), Iamgold Corp (IMG.TO), Silvercrest Metals (SIL.TO), Wesdome Gold (WDO.TO), B2Gold Corp (BTO.TO) and Alamos Gold (AGI.TO) are gaining 3 to 4%.

Technology stocks Sangoma Technologies (STC.TO), Constellation Software (CSU.TO), Quarterhill (QTRH.TO), Bitfarms (BITF.TO) and Celestica Inc (CLS.TO) are up 1 to 1.7%.

Roots Corporation (ROOT.TO) is soaring 10.3% after reporting a net income of $2.4 million for the third quarter, compared to net income of $0.5 million in the year-ago quarter.

Healthcare stock Tilray Inc (TLRY.TO) is down 4.4%. Bausch Health Companies (BHC.TO) is down more than 10% after Blackstone decided not to proceed with a joint takeover bid for eyecare company Bausch + Lomb.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains 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 | Pred 16 minútami

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside 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 | Pred 46 minútami

Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral 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. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

RTTNews | Pred 1 h 1 min

KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation 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 | Pred 1 h 16 min