TSX Snaps 5-day Losing Streak, Ends Modestly Higher

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(RTTNews) - The Canadian market ended modestly higher on Wednesday, led by gains in healthcare, technology and consumer discretionary sectors.

After opening on a firm note, the market pared some gains and moved slightly above the unchanged line till around mid afternoon when it briefly slipped into the red after the Fed announced a 75-basis point interest rate hike.

The Fed revealed that it has decided to raise the target rate for the federal funds rate by 75 basis points to 1.50 to 1.75%, marking the biggest rate hike since 1994.

The move comes as a recent report from the Labor Department showed consumer price inflation at the fastest annual rate in forty years.

The benchmark S&P/TSX Composite Index ended with a gain of 63.05 points or 0.32% at 19,611.56, after scaling a low of 19,383.69 and a high of 19,743.36 intraday.

The Health Care Capped Index climbed 3.05%. Bausch Health Companies (BHC.TO) and Canopy Growth Corp (WEED.TO) gained 5.4% and 5.1%, respectively. Cronos Group (CRON.TO) gained 3.8% and Aurora Cannabis (ACB.TO) ended 2.4% up.

In the technology section, Shopify Inc (SHOP.TO) and Lightspeed Commerce (LSPD.TO) climbed about 7% and 5.75%, respectively. BlackBerry (BB.TO), Nuvei Corp (NVEI.TO), Softchoice Corp (SFTC.TO), Sierra Wireless (SW.TO), Kinaxis Inc (KXS.TO) and Magnet Forensics (MAGT.TO) gained 3 to 7%.

Consumer discretionary stocks Magna International (MG.TO), Martinrea International (MRE.TO), Linamar Corp (LNR.TO), Sleep Country Canada Holdings (ZZZ.TO), BRP Inc (DOO.TO) and Park Lawn Corp (PLC.TO) moved up 2 to 4%.

Real estate stocks First Capital, Dream Industrial, Killam Apartment, Riocan Real Estate and Summit Industrial Income gained 1.7 to 2.7%.

Energy stocks Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO) and Crescent Point Energy (CPG.TO) declined sharply.

On the Canadian economic front, data from the Canada Mortgage and Housing Corporation showed housing starts in the country jumped by 8% over a month earlier to 267,330 units in April 2022.

Canadian Dollar Recovers Against Majors

The Canadian dollar recovered against its major counterparts in the New York session on Friday.

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Russia Central Bank Cuts Rates For Fourth Policy Session

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Canadian Market Rises On Rate Cut Bets

The Canadian market is up firmly in positive territory Friday afternoon, thanks to strong gains in the technology sector. A few stocks from financial and communications sectors are also up with notable gains.

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Swiss Market Ends Marginally Up After Choppy Ride

The market started off on a positive note on Friday but slipped into the red around mid morning and then struggled for direction till the end with stocks swinging between gains and losses amid cautious moves by investors.

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European Stocks Close Higher After Cautious Session

Despite struggling for support till mid afternoon, European stocks edged higher on Friday after cooler-than-expected U.S. consumer price inflation raised prospects of an interest rate cut by the Federal Reserve next week.

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U.S. Consumer Sentiment Deteriorates More Than Previously Estimated In October

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by more than initially estimated in the month of October. The University of Michigan said its consumer sentiment index was downwardly revised to 53.6 from the preliminary reading of 55.0. Economists had expected the consumer sentiment index to be unrevised from the preliminary reading.

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U.S. Consumer Prices Rise 0.3% In September, Slightly Less Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased by slightly less than expected in the month of September. The Labor Department said its consumer price index rose by 0.3 percent in September after climbing by 0.4 percent in August. Economists had expected consumer prices to rise by another 0.4 percent.

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Eurozone Private Sector Growth At 17-Month High

The euro area private sector growth accelerated to a 17-month high in October as new orders registered a steeper growth despite continuing fall in business from abroad. The flash HCOB composite output index climbed unexpectedly to 52.2 in October from 51.2 in September. The reading was expected to fall to 51.0.

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EURUSD	1.1629	GBPUSD	1.33038	AUDUSD	0.65091
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