Investors Await Fed Word, TSX Gains



Indexes in Toronto moved higher on Wednesday, supported by rate-sensitive stocks ahead of the U.S. Federal Reserve’s rate decision due later in the day, while energy shares led sectoral losses tracking oil prices.

The TSX Composite grabbed 49.56 points to kick off the mid-week session at 21,910.14.

The Canadian dollar faded 0.02 cents to 73.64 cents U.S.

Adentra received a hike in price target from CIBC, while Kelt Exploration got a rating upgrade from TD Securities. Adentra shares took on 40 cents, or 1%, to $39.94, while Kelt shares added 13 cents, or 2.2%, to $6.00.

The National Bank of Canada raised the price target on Gildan Activewear after the Canadian clothing maker’s board decided to put the company up for sale and is in talks with multiple bidders. Gildan stock jumped $1.47, or 2.9%, to $52.18.

ON BAYSTREET

The TSX Venture Exchange stepped back 1.48 points to 541.80.

All but three of the 12 TSX subgroups were in the plus column in the first hour of trade, led by gold, brighter by 1%, consumer discretionary stocks, ahead 0.8%, and materials, stronger by 0.6%.

The three laggards proved to be health-care and energy, each subsiding 0.3%, and communications, off 0.1%.

ON WALLSTREET

The S&P 500 was little changed Wednesday as investors awaited the latest Federal Reserve policy decision.

The Dow Jones Industrials moved into the green 23.3 points to 39,134.06.

The much broader index gained 4.62 points to 5,183.13.

The NASDAQ squeezed higher 12.9 points to 16,179.69.

Intel rose more than 1% on news that the White House plans to award the semiconductor company $8.5 billion in CHIPS Act grants. Chipotle Mexican Grill popped nearly 7% after announcing a stock split.

Prices for the 10-year Treasury surged, lowering yields to 4.29% from Tuesday’s 4.30%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.45 to $82.02 U.S. a barrel.

Gold prices jumped $4.80 to $2,164.50.



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