AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

Canada’s main stock index hit over five-month highs on Thursday, supported by technology, materials and financial stocks as well as optimism that the U.S. Federal Reserve would flatten its monetary tightening trajectory.

At 10:10 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 69.84 points, or 0.34%, at 20,352.1.

The commodity-linked materials sector rose 0.4%. Copper prices firmed on demand prospects after three Chinese banks agreed to provide support to the country’s embattled property sector.

Even as U.S. markets are shut for the Thanksgiving holiday, investors took comfort from minutes of the Fed’s Nov policy meeting that noted it was more important to focus on how high rates will need to rise to tame inflation than the size of coming rate increases.

Bank of Canada Governor Tiff Macklem also noted that domestic inflation remained strong, and higher interest rates were the medicine to soothe the economy.

Analysts are pricing in a 88% chance of a 25 basis point hike at the BoC’s next meeting on Dec. 7. Such a move would take the policy rate to 4%, a level last seen in January 2008.

“The important part of these rate hikes is that once they stop, they are likely to keep rates in the higher range for longer than what most people think,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Canadian dollar steadies as investors cheer Fed’s dovish signal

Traders are now bracing for earnings from top Canadian banks next week.

“I think results will be mixed, similar to what we saw with American banks,” Cieszynski added.

“Traditional banking should do OK given climbing interest rates, however it could have been a rough quarter for financials like wealth management and capital markets.”

The financial sector rose 0.4%, while rate-sensitive technology stocks added 1%.

Among stocks, Manulife Financial Corp rose 0.7% after the insurer said it will outsource its property operations in Canada to focus on its entrepreneurial investment management unit.

Meanwhile, after a more than 50% rise, house prices are expected to crumble 17.5%, under the weight of rapid-fire rate hikes from Canada’s central bank, according to a Reuters poll.

Comments

1000 characters

Toronto blue chips hit over 5-month high on tech, materials boost

‘Won’t take IMF’s dictation’: Dar

PTI quitting provincial assemblies will be humiliating for its voters: Saad Rafiq

Russia: price cap is ‘dangerous’ and will not curb demand for our oil

Pakistan calls on interim Afghan govt to up security at Kabul embassy after attack

US unveils high-tech B-21 stealth bomber

Zelenskiy’s chief of staff: Price cap on Russian oil should be lowered to $30 a barrel

Maj-Gen Sharif made ISPR DG

Azam knocks 100 as Pakistan reach 411-3 at tea in first Test

SBP repays $1bn bond before due date

FY22 trade with US soars 38.3pc to $10.5bn YoY, NA told