Arab Today, arab today canadas main stock market edges higher ahead of central banks rate cut
Last Updated : GMT 08:17:24
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Arab Today, arab today

Canada's main stock market edges higher ahead of central bank's rate cut

Arab Today, arab today

Arab Today, arab today Canada's main stock market edges higher ahead of central bank's rate cut

Canada's main stock market
Toronto - XINHUA

Canada's main stock market in Toronto on Tuesday advanced modestly as investors were waiting for the country's central bank's new benchmark interest rate decision that will be announced Wednesday.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was higher 66.18 points, or 0.46 percent, to 14, 599.40 Points, with six of the eight major sectors were in the green.

Analysts were expecting that Bank of Canada, the Canadian central bank, will slash its interest rate from 0.75 percent to 0. 5 percent Wednesday.

The most heavily weighed sector Financials inched lower 0.06 percent when Toronto-Dominion Bank moved down 0.42 percent to 52. 16 Canadian dollars (about 40.94 U.S. dollars), while Manulife Financial Corp lost 0.26 percent to 23.30 Canadian dollars per share.

And the mining sector also dipped 0.74 percent following a 4.46- percent leap Monday. Basic metals giants made downturns when First Quantum Minerals Ltd. plunged 2.5 percent to 16.02 Canadian dollars, and Teck Resources Limited shrank 0.66 percent to 12.03 Canadian dollars a share.

However, a big rally was seen in Energy, which was up 1.88 percent, when oil prices strengthened with light, sweet crude for August delivery up 0.84 U.S. dollar to 53.04 U.S. dollars a barrel on the New York Mercantile Exchange Tuesday.

Although Iran and six nations reached an agreement Tuesday to limit Iran's nuclear ability in return for lifting international sanctions on Tehran, investors still believed that it will take time for the oil-abundant country to export its products to the global crude market, and the oil prices may not be dragged down in a short time by Iran's oil.

Most of the oil and gas shares in TSX hailed the increase when Suncor Energy Inc. moved higher 1.95 percent to 35.05 Canadian dollars while Canadian Natural Resources Ltd. gained 0.6 percent to 33.38 Canadian dollars per share.

And Health Care, which was up 1.98 percent, logged the biggest increase by percent, when the leading mover Concordia Healthcare Corp. jumped 6.97 percent to 103.76 Canadian dollars a share.

Other gainers included Info Tech and Telecom, up 1.25 percent and 0.71 percent, respectively.

On the economic beat, investors were also worried that another rate cut by the central bank could over-stimulate housing market.

According to a report issued by Royal LePage, Canada's leading provider of services to real estate brokerages, the country's real estate market simply does not need a rate cut. "I worry that stoking this engine further could move us from a perfectly manageable major market expansion into a more difficult correction, as price levels decouple from more household incomes," according to Phil Soper, the president and chief executive officer of Royal LePage.

Meanwhile, the equities market in Toronto are focusing on the timing of the U.S. central bank's interest rate hike, since the latest U.S. retail sales unexpectedly inched 0.3 percent lower in June, which was below market expectations for a 0.3 percent increase.

On the currency front, the Canadian dollar on Tuesday closed flat at 0.7849 U.S. dollar, when compared with 0.7849 U.S. dollar Monday.

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