Canada’s main stock index opened lower on Wednesday after the Bank of Canada’s monetary policy decision.
The TSX Composite Index gained 71 points to work its way into noon hour EDT at 23,113.45.
The Canadian dollar recovered 0.14 cents at 73.98 cents U.S.
Investment fund Brookfield is reportedly close to selling renewable energy firm Saeta Yields to Masdar of the United Arab Emirates. Brookfield shares took on 23 cents to $65.16.
In health-care stocks Bausch Health Companies rallied 18 cents, or 2.2%, to $8.41, supporting gains in the index. Kits Eyecare’s shares rose 44 cents, or 4%, to $11.34, after the eyecare provider revised its third-quarter revenue guidance upwards.
On the economic slate, Canada’s merchandise imports decreased 1.7% in July, while exports fell 0.4%. Consequently, Canada’s merchandise trade balance with the world moved from a revised deficit of $179 million in June to a surplus of $684 million in July.
And as expected, the Bank of Canada lowered its trendsetting rate, another quarter point to 4.25%, its third straight cut.
ON BAYSTREET
The TSX Venture Exchange squeezed ahead 0.46 points to 555.55.
All but three 12 subgroups were in the positive range, with real-estate sprinting 1.5%, communications, up 1.3%, and health-care, haler by 1.2%.
The three laggards were gold, down 0.7%, energy, wilting 0.4%, and information technology, off 0.2%.
ON WALLSTREET
Stocks wobbled Wednesday as Wall Street attempted to recover from a lackluster start to September.
The Dow Jones Industrial index regained 80.56 points, to greet noon Wednesday at 41,017.49.
The S&P 500 sagged 0.91 points to 5,528.02.
The NASDAQ dropped 12.99 points to 17,123.31.
Traders are bracing for more volatility in September, historically a weak month for equities. Many investors anticipate a pullback of 5% or more in the coming weeks, although some money managers view any decline as a buying opportunity.
Some megacap technology and chip stocks regained some footing Wednesday, with Advanced Micro Devices and Tesla rallying about 4% each.
Corporate earnings season is largely behind investors, with Hewlett Packard Enterprise set to post earnings after the close. Dollar Tree shed nearly 19% after slashing its guidance.
Prices for the 10-year Treasury gained ground, lowering yields to 3.8% from Tuesday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices dipped 47 cents to $69.87 U.S. a barrel.
Gold prices fought their way up $2.40 to $2,525.40.
