Toronto Stocks Edge Higher Ahead of Bank of Canada’s Decision on Rates

By Adriano Marchese

Stocks in Toronto saw modest gains as investors awaited the Bank of Canada’s decision on interest rates. The performance of various sectors was mixed, with the retail sector leading the gainers, followed by communication and tech services. However, materials and process industries saw declines.

The S&P/TSX Composite Index, Canada’s main stock index, was up by 0.06% at 20,422.92, while the blue chip S&P/TSX 60 rose 0.19% to 1,232.86.

Analysts expect the central bank to maintain its current interest rates at its upcoming policy meeting on Wednesday, according to FactSet.

One notable stock that experienced a decline was IAMGOLD, whose shares dropped by 4.7% to 3.25 Canadian dollars. The company announced its plans to acquire Vanstar Mining Resources in a deal worth $31.1 million. This acquisition will consolidate IAMGOLD’s interests in the promising Nelligan deposit and its exploration portfolio in northern Quebec.

In other market news, engineering consulting firm Stantec saw its shares rise by 0.7% to C$101.89, as it revealed new growth targets as part of its go-forward plan. Stantec aims to achieve C$7.5 billion in revenue by the end of 2026 through strategic growth initiatives.

Additionally, AltaGas announced a 6% increase in dividends, driven by expected growth in adjusted earnings in 2024. The company’s strong business performance in core segments supported this decision. As a result, its shares were up by 0.8% at C$27.54.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts