TSX Ends On Weak Note

(RTTNews) - The Canadian market ended weak on Wednesday with investors choosing to take some profits after the Federal Reserve cut interest rates for the first time in four years.

Healthcare stocks fared well, while stocks from utilities, materials and industrials sectors were under pressure. Shares from the rest of the sectors turned in a mixed performance.

The benchmark S&P/TSX Composite Index ended down 85.10 points or 0.36% at 23,592.60. The index climbed to 23,780.22 after the Federal Reserve announced a 50-basis point hike, but pared gains subsequently.

Endeavour Mining Inc (EDV.TO), Rogers Communications (RCI.B.TO), Boyd Group Services (BYD.TO), Stella-Jones (SJ.TO), Waste Connections (WCN.TO), Canadian National Railway (CNR.TO), CGI Inc (GIB.A.TO), Precision Drilling Corporation (PD.TO), Constellation Software (CSU.TO) and Agnico Eagle Mines (AEM.TO) lost 1 to 3.2%.

Bausch Health Companies (BHC.TO) zoomed nearly 12%. Bausch + Lomb Corporation (BLCO.TO) surged 7.7%.

BCE Inc (BCE.TO) and Spin Master Corp (TOY.TO) gained 3.3% and 3.2%, respectively. Kinaxis Inc (KXS.TO), AtkinsRealis Group (ATRL.TO), Teck Resources (TECK.A.TO), Docebo Inc (DCBO.TO), Gildan Activewear (GIL.TO), Shopify Inc (SHOP.TO) and Bombardier Inc (BBD.B.TO) advanced 1 to 2.3%.

Descartes Systems Group (DSG.TO) climbed 1.25%. The company announced that it has acquired Assure Assist, Inc., doing business as MyCarrierPortal (MCP), for a consideration of approximately US$24 million.

Quarterhill Inc. (QTRH.TO) shares gained 2.7% after the company announced that it has been awarded two contracts worth US$5.8 million for the supply of advanced commercial vehicle enforcement technology for weigh stations operated by the North Carolina Department of Public Safety State Patrol.

The Federal Reserve cut interest rates for the first time in over four years, aggressively slashing rates by 50 basis points.

The economic projections provided by Fed officials at the meeting suggested the central bank will cut rates by another 50 basis points by the end of the year.

Fed officials also expect to continue lowering rates next year, with the projections indicating rates will by lower another full percentage point by the end of 2025.