TSX Ends Modestly Lower After Volatile Session
(RTTNews) - The Canadian market ended weak on Wednesday, weighed down by losses in energy and consumer discretionary sectors.
Healthcare and utilities shares moved higher. Consumer staples and technology stocks were weak.
The benchmark S&P/TSX Composite Index, which climbed to 20,498.93 after the Federal Reserve hiked interest rates by 25 basis points and signaled a potential pause in rate hikes, ended with a loss of 52.88 points or 0.26% at 20,354.68.
Thomson Reuters (TRI.TO), Descartes Systems Group (DSG.TO), Kinaxis Inc (KXS.TO), Spin Master Corp (TOY.TO), Loblaw Companies (L.TO), Methanex Corporation (MX.TO), Docebo Inc (DCBO.TO) and Nutrien (NTR.TO) lost 2 to 4.5%.
West Fraser Timber (WFG.TO), Bombardier Inc (BBD.B.TO), Ag Growth International (AFN.TO), Rogers communications (RCI.A.TO), goeasy (GSY.TO) and Stantec (STN.TO) gained 1.4 to 4%.
The Fed omitted a sentence included in the March statement that said the central bank "anticipates that some additional policy firming may be appropriate" to return inflation to 2% over time.
The central bank also tweaked language regarding the outlook for monetary policy, saying "the extent to which additional policy firming may be appropriate" rather than "the extent of future increases in the target range."
However, Fed Chair Jerome Powell's comments during his post-meeting press conference led to renewed uncertainty about the outlook for rates. Powell said the central bank would take a "data-dependent approach" to future monetary policy decisions and stressed a decision on a pause was not made at the meeting.
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