Markets in Toronto struggled somewhat Wednesday, but maintained gains, despite weakness in telecoms and real-estate issues.
The TSX forged ahead 93.6 points to close Wednesday at 36,265.09.
The Canadian dollar hiked 0.3 cents to 71.47 cents U.S.
Canada and the United Arab Emirates signed a comprehensive trade deal on Tuesday to deepen trade ties and boost investment, the governments said
Investors are now looking ahead to earnings from Agnico Eagle, Alamos Gold, First Quantum Minerals and Kinross Gold.
Shares in Agnico recovered $2.33 to $256.08, while those for Alamos gave up 58 cents, or 1.3%, to $44.29. First Quantum fell 17 cents to $35.89. Kinross shares lost 13 cents to $32.18.
In company news, Tamarack Valley raised its 2026 average production forecast in its third-quarter results. Tamarack shares took on a cent to $14.70.
Trican Well Service' third-quarter profit rose on increased operating activity and improved utilization levels. Trican gained five cents to $6.97.
On the economic calendar, the Bank of Canada increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.
ON BAYSTREET
The TSX Venture Exchange beat breakeven 0.52 points to 839.
All but three of the 12 subgroups lost ground on the day, as telecoms docked 1%, real-estate were off 0.9%, and consumer discretionary, falling 0.7%.
The three gainers were information technology, taking on 1.7%, energy, ahead 1.5%, and financials, up 0.4%.
ON WALLSTREET
The S&P 500 rose on Wednesday as investors reacted to the Federal Reserve’s latest interest rate decision and awaited earnings reports from mega-cap technology companies.
The Dow Jones Industrials hiked 102.05 points to 52,429.63.
The much-broader index grabbed 21.77 points to 7,744.37.
The tech-heavy NASDAQ gained 72.04 points to 26,549.85.
The Fed kept interest rates steady at a target rate range of 3.75% to 4%. Policymakers had raised rates by a quarter percentage point at their September meeting, marking its first hike since 2023.
Traders had widely anticipated the move. Heading into Wednesday’s meeting, fed funds futures trading priced in a nearly 93% chance that the central bank would maintain the current interest rate,
Chairman Kevin Warsh said during a press conference following the decision that the central bank remained focused on “price stability” despite the pause and that the employment picture has been “quite positive.”
Chipmakers also moved higher Wednesday, buoyed by SK Hynix posting record quarterly profit — a development that sent U.S. shares of the South Korean chipmaker up 13%.
Micron Technology was up 4%, while Arm Holdings advanced 3%. Marvell Technology moved up more than 2%, and Advanced Micro Devices increased around 2%.
Investors’ attention will remain on the artificial intelligence trade after the bell, as “Magnificent Seven” giants Alphabet and Microsoft are set to report their latest quarterly results. The former was last seen up more than 1%, while the latter was down nearly 1%.
Prices for the 10-year Treasury fell, raising yields to 5.05% from Tuesday’s 4.98%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.70 to $102.60 U.S. a barrel.
Gold prices slumped one dollar to $4,073.50 U.S. an ounce.
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