Stocks Unchanged at Wednesday Open
Equities in Canada’s largest centre opened flat on Wednesday, as investors adopted a wait-and-see approach ahead of the Federal Reserve's policy statement that could open the door to future interest rate cuts.
The S&P/TSX Composite Index gained 7.98 points to kick off the mid-week session at 16,511.33
The Canadian dollar grew 0.12 cents to 74.87 cents U.S.
Eco Atlantic said it was not aware of any corruption probe in Guyana that would affect an offshore concession it has with partners Total and Tullow Oil.
Eco shares failed to move from Tuesday’s close of $1.51.
CIBC raised the price target on Altus Group to $26.00 from $23.00. Altus shares dipped 35 cents, or 1.1%, to $32.00.
Canaccord Genuity cut the price target on Aphria Inc. to $16.00 from $18.00. Aphria gained seven cents to $9.20.
RBC cut the rating on Cobalt 27 Capital to sector perform from outperform. Cobalt 27 shares eked up two cents to $4.10.
On the economic front, Statistics Canada reported that the Consumer Price Index (CPI) rose 2.4% on a year-over-year basis in May, following a 2.0% increase in April.
On a seasonally adjusted monthly basis, the CPI rose 0.3% in May.
The TSX Venture Exchange sank 0.68 points to 583.79
Seven of the 12 Toronto subgroups began the day in the red, as gold slipped 1.1%, while materials and energy each gave up 0.8%.
Health-care led the five gainers, picking up 1%, while financials were richer 0.6%, and communications registered higher 0.3%.
Stocks were little changed on Wednesday, putting the breaks on a month-long rally, as investors waited for the Federal Reserve’s latest decision on monetary policy.
The Dow Jones Industrial Average gained 60.25 points to 26,525.79,
The S&P 500 edged up 0.27 points at 2,918.02.
The NASDAQ Composite forfeited 7.84 points to 7,946.04
Oracle and Winnebago Industries are among the companies declaring earnings Wednesday
Expectations of lower rates helped the market rebound this month after a torrid performance in May. The S&P 500, Dow and NASDAQ were all up at least 6% in June entering Wednesday’s session.
The Fed is scheduled to deliver its decision at 2 p.m. ET. The central bank is not expected to make any changes in terms of monetary policy, but investors will look for clues on whether the Fed will cut rates later this year. Fed Chair Jerome Powell will hold a news conference after the announcement.
Prices for the benchmark 10-year U.S. Treasury lost ground, lifting yields to 2.10% from Tuesday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices faded 35 cents to $53.55 U.S. a barrel.
Gold prices wilted $2.50 at $1,348.20 U.S. an ounce.