Canadian Stocks See Modest Gains Ahead of Fed Minutes Release
The stock market in Toronto showed resilience, with modest gains ahead of Fed minutes release. Finance sector spearheaded gains while gold prices faced pressure.
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.
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 prices faced pressure due to a stronger U.S. dollar and uncertainties surrounding the American economy. Consequently, gold mining companies experienced declines: