Canada’s central bank has raised its main rate by a quarter of a point to 5%, citing a longer-than-expected timeline to reach 2% inflation. This news has resulted in gains for Canadian financials, materials, and consumer services sectors. However, the retail sector is experiencing a decline.
Market Performance
At midday, Canada’s S&P/TSX Composite Index has risen by 0.75% to reach 20028.32, while the blue-chip S&P/TSX 60 has increased by 0.69%, reaching 1201.02.
Laurentian Bank of Canada’s Strategic Review
Laurentian Bank of Canada’s shares have surged over 26% to 42.31 Canadian dollars ($31.97) following the bank’s announcement of a strategic review of its business, which may potentially include a sale.
Other Market Updates
Theratechnologies’ shares have dipped by 12% to C$1.11 after reporting lower-than-expected sales for its main drugs in the fiscal second quarter. In response, the company has implemented new cost-saving measures across its operations.
Orla Mining has witnessed a 5.6% increase in its shares, reaching C$6.05. The company remains on track to meet its full-year gold production targets as it reaches the halfway mark.
