Canadian Market Modestly Higher In Cautious Trade

RTTNews | 679 gün önce

(RTTNews) - The Canadian market is up slightly in positive territory Wednesday afternoon, led by gains in healthcare and utilities sectors.

Energy stocks are weak, tracking lower crude oil prices. Consumer discretionary and consumer staples shares are the other prominent losers.

The mood in the market is cautious with investors focusing on the Federal Reserve's policy announcement and digesting a slew of earnings announcements from Canadian companies.

The benchmark S&P/TSX Composite Index is up 44.01 points or 0.22% at 20,451.57.

Tilray Inc (TLRY.TO), up 5.5%, is the top gainer in the Healthcare Index. Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living (SIA.TO), both are up 1.8%, while Bausch Health Companies (BHC.TO) is gaining 1%.

In the utilities section, Brookfield Infra Partners (BIP.UN.TO) is gaining 3.5%. Algonquin Power and Utilities Corp (AQN.TO), Atco Inc (ACO.X.TO), Boralex (BLX.TO), Emera Inc (EMA.TO) and TransAlta Corp (TA.TO) are up 1.2 to 2%.

Fortis Inc (FTS.TO) is gaining nearly 2%. reported first quarter net earnings of $437 million, or $0.90 per common share, up from $350 million, or $0.74 per common share in 2022.

Ivanhoe Mines Ltd (IVN.TO) reported adjusted first-quarter EBITDA of $168 million, compared to $145 million for the same period last year. The stock is up by about 0.35%.

Loblaw Companies Limited (L.TO) shares are down more than 3% despite the company reporting higher earnings. Loblaw reported adjusted net earnings of $505 million for the first quarter of current fiscal, an increase of $46 million, or 10%, over the year-ago earnings.

The Federal Reserve today raise interest rates by 25 basis points as expected, and signaled it may pause further increases. The central bank's statement says the committee will closely monitor incoming information and assess the implications for monetary policy.

The Fed said in the statement that the U.S. economic activity expanded at a modest pace in the first quarter, and added that despite some recent bank failures, the U.S. banking system is sound and resilient.

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EURUSD	1.08873	GBPUSD	1.29611	AUDUSD	0.63188
USDJPY	148.212	USDCAD	1.43663	USDCHF	0.88163

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Canadian Market Modestly Higher In Cautious Trade