Canadian Market Modestly Higher; Materials Shares Rise

(RTTNews) - The Canadian market is modestly higher Wednesday afternoon with stocks from healthcare and materials sectors moving up on strong buying support.

Investors are digesting the Federal Reserve's monetary policy announcement. The Fed has left its interest rates unchanged, but its projections suggest officials expect one more rate hike this year. The median rate is expected to be 5.6% by the end of 2023.

The Fed reiterated it remains highly attentive to inflation risks and acknowledged additional policy firming may be appropriate to return inflation to 2 percent over time.

In determining whether future rate hikes are necessary, the Fed said it will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

The benchmark S&P/TSX Composite Index, which climbed to 20,351.50, is up 83.26 points or 0.41% at 20,302.15.

Bausch Health Companies (BHC.TO) is soaring 10%. Tilray Inc (TLRY.TO) is gaining about 2.3%.

In the materials sector, Novagold (NG.TO) is climbing 8.7%. Torex Gold Resources (TXG.TO), Equinox Gold (EQX.TO), Lundin Gold (LUG.TO), Stelco Holdings (STLC.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO) and K92 Mining Inc (KNT.TO) are up 2.5 to 4.3%.

Industrials shares Ats Corp (ATS.TO), Bombardier Inc (BBD.B.TO), CAE Inc (CAE.TO) and Russel Metals (RUS.TO) are up 1 to 2.3%.

Energy stocks Arc Resources (ARX.TO), Precision Drilling Corp (PD.TO), MEG Energy (MEG.TO), Canadian Natural Resources (CNQ.TO), Enerplus Corp (ERF.TO) and Cenovus Energy (CVE.TO) are down 1 to 2%.