Canadian Market Looks Headed For Positive Close

(RTTNews) - Canadian shares are turning in a mixed performance Wednesday afternoon with investors digesting earnings news from top banks and the minutes of the Federal Reserve's latest policy meeting released a little while ago.

The minutes said the central bankers stressed their "strong commitment and determination" to bring inflation under control with a series of interest rate increases. The minutes indicate the officials are prepared to move ahead with multiple 50 basis points interest rate increases.

In addition, the Federal Open Market Committee said policy may have to move past "neutral" and into "restrictive" territory. The minutes indicate that members are hopeful they can bring down inflation, but also concerned about financial stability risks.

Energy stocks are up, tracking higher crude oil prices. Healthcare stocks have moved higher on bargain hunting after recent heavy losses. Shares from industrials and materials sectors are weak.

The benchmark S&P/TSX Composite Index is up 101.99 points or 0.5% at 20,388.19.

Maxar Technologies (MAXR.TO) is soaring 18%. Vermilion Energy (VET.TO) is up nearly 9%, Softchoice Corporation (SFTC.TO) is climbing 7.75% and Parex Resources (PXT.TO) is surging up nearly 7%.

Rogers Communications (RCI.A.TO), BRP Inc (DOO.TO), West Fraser Timber (WFG.TO), goeasy (GSY.TO), Tfi International (TFII.TO), Imperial Oil (IMO.TO), Cogeco Communications (CCA.TO), Cogeco Inc (CGO.TO) and Shopify Inc (SHOP.TO) are gaining 2 to 3.5%.

Bank of Nova Scotia (BNS.TO) is up nearly 3%. The bank reported adjusted net income of $2,765 million for the second quarter of this financial year, compared to adjusted net income of $2,475 million in the year-ago quarter.

Bank of Montreal (BMO.TO) reported adjusted net income of $2,187 million for the second quarter of this fiscal, up 4% from $2,095 million a year ago. The stock is down marginally.

Teck Resources (TECK.A.TO), Boyd Group Services (BYD.TO), Precision Drilling Corporation (PD.TO), Gfl Environmental (GFL.TO), Winpak (WPK.TO), CCL Industries (CCL.A.TO), WSP Global (WSP.TO), Thomson Reuters (TRI.TO) and TC Energy (TRP.TO) are down 1 to 2.7%.