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TSX Hands over Gains

Bausch, Stelco in Focus

Equities in Toronto began Wednesday in positive country, and stayed there most of the day, but lost steam near the closing bell, as jitters over the immediate future of interest rate kept their grip on investors.

The TSX Composite Index slipped into the red 4.2 points by the end of the day to 20,214.69.

The Canadian dollar lost 0.17 cents at 74.21 cents U.S.

Health-care performed the best among gainers, with Bausch Health Companies grabbing 87 cents, to 8.4%, to $11.25, while Tilray shares improved two cents to $3.32.

Gold also looked better, with NovaGold climbing 36 cents, or 6.5%, to $5.88, while Equinox Gold climbed 26 cents, or 4.6%, to $5.95.

In other resources, Stelco Holdings moved higher $1.14 or 3.1%, to $37.64, while K92 Mining gained 13 cents, or 2.2%, to $6.11.

Energy concerns weighed on the market, with Spartan Delta dropping 15 cents, or 3.5%, to $4.11, while MEG Energy fell 67 cents, or 2.6%, to $25.03.

Tech stocks also slid, with Converge Technology losing 12 cents, or 4%, to $2.87, while HUT 8 Mining handed back 10 cents, or 3.6%, to $2.71.

Elsewhere, Ford reached a last-minute deal to avoid a walkout at its Canadian operations late on Tuesday, even as across the border, the United Auto Workers union said it could expand strikes against the Detroit Three automakers to more factories.


The TSX Venture Exchange lopped off 4.33 points to 577.39.

All but two of the 12 TSX subgroups were higher on the day, with health-care sprinting 2.4%, gold shinier by 1.6%, and materials stronger by 0.7%.

Energy gave back 1.3%, while shares in information technology concerns were down 0.5%.


Stocks retreated on Wednesday after the Federal Reserve said it would leave interest rates unchanged but indicated another hike on the horizon.

The Dow Jones Industrials resumed their downward path, sinking 76.85 points to 34,440.88.

The S&P 500 index stumbled 41.75 points to 4,402.20.

The NASDAQ index weakened 209.06 points, or 1.5%, to 13,469.13, weighed on by a 2% drop in Microsoft and Nvidia and 3% slide in Google parent Alphabet

Shares of newly public Instacart and Arm Holdings were under pressure on Wednesday, with both stocks trading near their IPO price.

Shares of Instacart dropped more than 10% and briefly broke below the company’s $30 per share IPO price.

Arm Holdings fell more 3% to about $53 per share. The chip stock’s IPO came in at $51 per share.

The Fed held rates steady, as was widely anticipated. But the central bank indicated that one more rate hike is expected before the end of the year in its economic projections. The central bank signaled it would end its hiking campaign after that increase and begin cutting rates next year —though keeping rates at a higher level for the year than signaled in June.

The markets gyrated as traders listened to Fed Chair Jerome Powell give his outlook for rates. Powell said that the central bank would “proceed carefully” in raising rates further but the Fed chief also noted they had more work to do in the fight against inflation.

The central bank hiked its benchmark rate in July to the highest level in more than 22 years. Fed funds futures prices signal just a slight chance of about 29% that the central bank would raise rates in November.

Prices for the 10-year Treasury clunked lower, raising yields to 4.39% from Tuesday’s 4.37%. Treasury prices and yields move in opposite directions.

Oil prices swooned 93 cents to $90.27 U.S. a barrel.

Gold prices edged up $1.30 to $1,955.00 U.S. an ounce.