Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,933,086
Articles
·
3+ Million Readers
(Updates with morning prices)
April 16 (Reuters) – Canada’s main stock index climbed on Wednesday, as surging gold prices boosted materials shares, while the Bank of Canada held borrowing costs steady at its interest rate meeting.
Toronto Stock Exchange’s S&P/TSX Composite Index rose 0.3% to 24,135.11 points.
at 2.75%, its first pause after seven consecutive cuts, and warned that the U.S. tariffs could cause inflation spike and deep recession in Canada under worst-case scenario.
After the decision, Canadian government bond yields rose across the curve; the loonie was trading 0.38% higher to the greenback.
Materials group was leading the gains, up 2%, as gold mining firms surged after the yellow metal prices
extended their record run
to breach $3,300 per ounce.
“Gold hitting new highs will add support to the Canadian markets and clearly that’s been strong because of the inflation hedge, the geopolitical uncertainty as well as many central banks increasing their gold reserves,” said Ian Chong, Portfolio Manager at First Avenue Investment Counsel.
Energy shares also jumped 1.7% as oil prices rose around 1% after the market drew some strength from the possibility of trade talks between China and the U.S. and a report that Iraq will cut oil production in April.
Information technology shares were down near 1%, tracking losses on tech-heavy Nasdaq after AI darling Nvidia took a hit from U.S. restrictions on chip sales to China.
Trump on Wednesday ordered a probe into potential new tariffs on all U.S. critical minerals imports, on top of reviews into pharmaceutical and chip imports.
Later in the day, Federal Reserve Chair Jerome Powell’s remarks will draw attention of investors looking for clarity on the central bank’s strategy to address recent market volatility and growing economic concerns. (Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)
Strength in the energy sector helped Canada’s main stock index gain more than 100 points as the price of oil climbed, while U.S. markets fell in late-morning trading.
The S&P/TSX composite index was up 118.68 points at 24,186.61.
In New York, the Dow Jones industrial average was down 82.69 points at 40,286.27. The S&P 500 index was down 53.53 points at 5,343.10, while the Nasdaq composite was down 324.06 points at 16,499.11.
The Canadian dollar traded for 72.01 cents US compared with 71.77 cents US on Tuesday.
The June crude oil contract was up US$1.07 at US$61.82 per barrel and the May natural gas contract was down nine cents US at US$3.24 per mmBTU.
The June gold contract was up US$88.80 at US$3,329.20 an ounce and the May copper contract was up three cents US at US$4.65 a pound.
This report by The Canadian Press was first published April 16, 2025.
Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,786,630
Articles
·
3+ Million Readers
Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,786,642
Articles
·
3+ Million Readers
Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,786,630
Articles
·
3+ Million Readers
Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,786,615
Articles
·
3+ Million Readers
Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,786,630
Articles
·
3+ Million Readers
Trusted News Since 1995
A service for global professionals
·
Wednesday, April 16, 2025
·
803,771,193
Articles
·
3+ Million Readers
Trusted News Since 1995
A service for global professionals
·
Tuesday, April 15, 2025
·
803,592,519
Articles
·
3+ Million Readers
