By Adriano Marchese
Stocks in Toronto edged higher as investors await the Bank of Canada’s decision on rates.
Sector performance was mixed on Tuesday. Retail led the gainers, followed by communication and tech services. On the declining side, materials and process industries led.
Canada’s S&P/TSX Composite Index was 0.06% higher at 20422.92 and the blue chip S&P/TSX 60 was 0.19% higher at 1232.86.
Analysts expect the central bank to hold rates steady at its policy meeting on Wednesday, according to FactSet.
Shares of IAMGOLD were 4.7% lower at 3.25 Canadian dollars after it said it plans to buy Vanstar Mining Resources in a $31.1 million deal that will consolidate its interests in the prospective Nelligan deposit and its exploration portfolio in northern Quebec.
Other market movers:
Stantec were up 0.7% at C$101.89 after it said it has set new growth targets as part of its go-forward plan where it expects revenue by the end of 2026 to reach C$7.5 billion through its strategic growth initiatives.
AltaGas is increasing its dividends by about 6% on the back of expected growth in adjusted earnings in 2024 underpinned by strong business performance in its core segments. Shares are yup 0.8% at C$27.54.
Write to Adriano Marchese at [email protected]
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