TSX Ends On Firm Note After BoC Interest Rate Announcement

RTTNews | 1416 days ago

(RTTNews) - Despite paring a substantial portion of its intraday gains, the Canadian market ended on a firm note on Wednesday, thanks to strong buying in several stocks from communications, healthcare, energy and materials sections.

Real estate and industrials shares also ended mostly higher. Technology and financials shares gave up early gains and ended on a mixed note.

A positive reaction to the Bank of Canada's interest rate decision contributed to the market's uptick today. The Bank of Canada today announced a less than expected hike in interest rates.

Citing elevated inflation, the Canadian central bank announced its sixth consecutive interest rate hike of the year, but at 50 basis points, the hike was less than economists' expectations of a 75 basis point increase.

The bank now expects Canadian GDP growth to slow from 3.25% this year to just under 1% next year and 2% in 2024.

The bank said that interest rates will need to rise further due to elevated inflation and inflation expectations. It also reiterated its commitment to restore price stability for Canadians and said it will continue to take action as required to achieve the 2% inflation target.

The benchmark S&P/TSX Composite Index, which rallied to 19,435.91, ended the session with a gain of 182.75 points or 0.96% at 19,279.76.

Canopy Growth Corporation (WEED.TO) climbed 8.3% on strong volumes. Shaw Communications (SJR.B.TO), CES Energy Solutions (CEU.TO), Athasca Oil Corporation (ATH.TO) and Lundin Mining (LUN.TO) gained 6.2 to 7.2% on huge volumes.

Baytex Energy (BTE.TO), Tamarack Valley Energy (TVE.TO), Whitecap Resources (WCP.TO), First Quantum Minerals (FM.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (SPG.TO) and Suncor Energy (SU.TO) gained 1.7 to 4%.

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.

RTTNews | 3h 4min ago

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair

RTTNews | 3h 12min ago

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.

RTTNews | 3h 52min ago

U.S. Consumer Prices Increase In Line With Estimates In August

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August.

RTTNews | 4h 54min ago

IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

Canadian stocks may open with positive bias Friday as oil prices decline following the International Energy Agency's downward revision of global oil demand. Investors seek bargains after six consecutive days of losses. U.S. consumer price data could impact sentiment.

RTTNews | 5h 2min ago

Canadian Dollar Falls As Oil Prices Edge Lower

The Canadian dollar weakened against other major currencies in the European session on Friday, as the crude oil prices traded lower amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.

RTTNews | 5h 18min ago

Kroger Q2 Profit Rises, Backs FY26 Adj. Earnings View, Cuts Sales Growth Forecast; Stock Drops

Supermarket chain Kroger Co. reported Friday higher profit and sales in its second quarter, while Identical Sales growth was slower than the prior year. Further, the firm maintained adjusted earnings outlook for fiscal 2026, but trimmed growth view for identical sales without fuel. In the pre-market activity on the NYSE, the shares were losing around 2.62 percent.

RTTNews | 5h 49min ago

UK Stocks Rise On GDP Growth, Oil Price Decline

UK stocks advanced Friday as July GDP growth of 0.4% beat expectations and oil prices tumbled following downward IEA demand revisions. The FTSE 100 reached 10,674.52, up 0.61% despite ongoing US-Iran concerns.

RTTNews | 6h 2min ago

EURUSD	1.15996	GBPUSD	1.3522
USDJPY	153.711	USDCAD	1.38629