Toronto-listed stocks saw a slight increase as the Bank of Canada announced that it would maintain its main interest rate at 5%. The central bank is currently assessing how long it needs to keep rates at this level in order to manage high inflation effectively.
Sector Performance
Various sectors performed well on Wednesday, with consumer durables leading the way, followed by technology and energy. However, tech services and materials experienced a decline.
Market Indexes
During midday trading, Canada’s S&P/TSX Composite Index rose by 0.31% to reach 21,100.31. Additionally, the blue-chip S&P/TSX 60 increased by 0.34% to reach 1,272.06.
BlackBerry’s Shares Decrease
Shares of BlackBerry, a cybersecurity firm, decreased significantly by nearly 19% to CAD 3.89 ($2.89) following the announcement of its plans to conduct a private offering of convertible senior notes worth CAD 160 million in order to repay or buy back its outstanding aggregate principal amount of CAD 150 million.
Other Notable Market Movers
Several other companies experienced notable movement in the market:
- MTY Food Group witnessed a 2.5% increase in shares, reaching CAD 57.08. The company announced a 12% increase in its quarterly dividend payment after a successful year of growth.
- Capstone Copper saw a 5.5% increase in shares, reaching CAD 6.58. The mid-tier base-metals mining company declared that its copper production in 2023 met expectations and anticipated further growth in 2024.
- kneat.com experienced a 6.3% increase in shares, reaching CAD 3.53. The company announced an increase in its public offering to $17.4 million from the initial $15 million.
- B2Gold’s shares fell by 10% to CAD 3.62. The Canadian mining company warned of lower production in the current year despite a strong finish to 2023. Additionally, the company faced increased construction costs for its Goose project in northern Canada.
