Equities in Canada’s largest market edged 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 climbed 84.86 points approaching noon EDT at 21,945.44.
The Canadian dollar inched up 0.01 cents to 73.68 cents U.S.
Shares of Gildan Activewear jumped $1.49, or 2.9% to a more-than-two-year high of $52.20after the National Bank of Canada raised the price target on the stock. Canadian clothing maker’s board decided on Tuesday to put the company up for sale and is in talks with multiple bidders.
Kelt Exploration was also up, 11 cents, or 1.9%, to $5.98, after TD Securities upgraded the stock to “Buy” from “Hold”.
ON BAYSTREET
The TSX Venture Exchange stepped back 0.98 points to 542.30.
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 0.2%, and consumer staples, off 0.02%.
ON WALLSTREET
The S&P 500 was little changed Wednesday as investors awaited the latest Federal Reserve policy decision.
The Dow Jones Industrials remained in the green 9.65 points to 39,120.41.
The much broader index deleted 0.4 points to 5,178.11.
The NASDAQ sank 7.09 points to 16,159.70.
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 more than 6% after announcing a stock split.
Wall Street eagerly awaits the Federal Reserve’s latest rate decision, with the central bank broadly anticipated to keep interest rates unchanged at the conclusion of its two-day policy meeting.
Prices for the 10-year Treasury surged, lowering yields to 4.28% from Tuesday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.86 to $81.61 U.S. a barrel.
Gold prices slid 10 cents to $2,159.60.
