Canadian Stocks See Modest Gains Ahead of Fed Minutes Release

The stock market in Toronto showed resilience on Wednesday, bouncing back from early losses to secure modest gains by midday. Investors eagerly awaited the release of the U.S. Federal Reserve minutes from its most recent policy meeting.

Market Performance

• The benchmark S&P/TSX Composite Index saw a 0.2% increase, reaching 19,948.31.
• The blue-chip S&P/TSX 60 also experienced a 0.2% rise, reaching 1,194.50.

Sector Performance

While technology and consumer durable sectors struggled, finance stocks spearheaded the market's broad gains.

Notably, bus manufacturer NFI showed strength in its trading performance. With a second-quarter loss that narrowed as sales rose by 66%, NFI benefited from increased deliveries and a decrease in legacy inflation-impacted contracts. As a result, NFI's stocks traded 0.9% stronger at C$11.81.

Gold Market

Gold prices faced pressure due to a stronger U.S. dollar and uncertainties surrounding the American economy. Consequently, gold mining companies experienced declines:

• Barrick Gold dropped 0.1%, trading at C$21.60.
• Centerra Gold fell 0.4%, reaching C$6.47.
• Kinross Gold slipped 1.9%, trading at C$7.73.