TSX Edges Higher After BoC and US Fed Meetings
The S&P/TSX Composite Index closed 0.3% higher at 36,265 on Wednesday after the Bank of Canada raised its benchmark interest rate by 25 basis points to 2.5%, as expected. The BoC said the move aims to reduce the risk of persistently high energy prices spreading to other goods and services, while noting that further rate increases may be necessary. Meanwhile, the US Federal Reserve held rates steady, as expected. Financial stocks were mostly higher, with BMO and CIBC each gaining 0.6%. Several miners report earnings after the close. Agnico Eagle rose 0.9% and Alamos gained 1.3%, while Kinross fell 0.4% and First Quantum shed 0.5%. Meanwhile, Teck Resources advanced 0.7% ahead of Thursday’s results, while Imperial Oil gained 1.1% and Cameco added 1.3% ahead of Friday’s reports. Tamarack Valley edged up 0.1% after raising its 2026 production forecast, while Trican Well Service gained 0.7% on higher third-quarter profit.
The S&P/TSX Composite Index closed 0.3% higher at 36,265 on Wednesday after the Bank of Canada raised its benchmark interest rate by 25 basis points to 2.5%, as expected. The BoC said the move aims to reduce the risk of persistently high energy prices spreading to other goods and services, while noting that further rate increases may be necessary. Meanwhile, the US Federal Reserve held rates steady, as expected. Financial stocks were mostly higher, with BMO and CIBC each gaining 0.6%.
Several miners report earnings after the close. Agnico Eagle rose 0.9% and Alamos gained 1.3%, while Kinross fell 0.4% and First Quantum shed 0.5%. Meanwhile, Teck Resources advanced 0.7% ahead of Thursday’s results, while Imperial Oil gained 1.1% and Cameco added 1.3% ahead of Friday’s reports. Tamarack Valley edged up 0.1% after raising its 2026 production forecast, while Trican Well Service gained 0.7% on higher third-quarter profit.