Toronto-listed stocks saw a slight dip midway through trading on Monday as investors eagerly anticipate the Bank of Canada’s interest rate decision on Wednesday.
Market Analysis
Analysts, as reported by FactSet, predict that the central bank will maintain the current interest rate at 5% for the fifth consecutive announcement. In today’s session, most sectors experienced losses, particularly process industries and health tech stocks, with communications also seeing a decline. On the upside, tech and materials sectors showed some gains.
Key Index Movements
At midday, the S&P/TSX Composite Index in Canada slipped by 0.04% to 21543.35. Similarly, the blue-chip S&P/TSX 60 saw a decrease of 0.10% to 1299.41.
Notable Market Highlights
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Frontier Lithium: Frontier Lithium shares surged over 15% to 1.06 Canadian dollars (78 U.S. cents) after announcing a joint venture with Mitsubishi Corp. focused on its lithium project in Ontario.
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Pan American Silver: The company’s shares rose by 3.5% to C$18.08 following the announcement of a share repurchase program aiming to buy back up to 5% of its common shares.
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SNC-Lavalin Group: Securing a contract to provide engineering services for the Georgia Department of Transportation, SNC-Lavalin Group witnessed a 2.3% increase in shares, reaching C$52.27.
Investors are keeping a close watch on these developments as the market navigates through uncertain times.
