After days of gains and record highs, Canada’s main stock index struggled on Wednesday. Losses in utilities and industrials shares took a bite out of growth. The mining sector was the top gainer on the TSX followed by healthcare in an otherwise split market. Shares of Rogers Communications (TSX:RCI.A) rose $0.71, or 1.27 per cent, to C$56.77 after the Canadian telecom giant said it would buy BCE Inc.’s (TSX:BCE) stake in Maple Leaf Sports & Entertainment for C$4.7 billion.
U.S. stocks sunk as Wall Street traders assessed the first Federal Reserve interest rate cut in four years. The Fed announced a cut of 0.5 per cent, which brings its overnight rate to 4.75-5 per cent. Gains were muted as uncertainty lingered over how big the easing will be from the central bank.
The Canadian dollar traded for 73.43 cents U.S. compared with 73.55 cents U.S. on Tuesday.
U.S. crude futures traded $1.22 lower at $69.97 a barrel, and the Brent contract lost $0.88 to $72.82 a barrel.
The price of gold was down US$20.34 to US$2,553.50.
In world markets, the Nikkei was up 176.95 points to 36,380.17, the Hang Seng remained at 17,660.02, the FTSE was down 56.18 points to 8,253.68, and the DAX was down 14.59 points to 18,711.49.
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(Top image generated with AI)