Canadian Market Modestly Lower In Cautious Trade Ahead Of Fed Move

(RTTNews) - The Canadian market is down in negative territory a little past noon on Wednesday with investors largely treading cautiously ahead of the Federal Reserve's monetary policy announcement later in the day. Energy and materials stocks are among the notable losers.

The benchmark S&P/TSX Composite Index is down 99.68 points or 0.42% at 23,578.02 about a quarter past noon.

The Fed is widely expected to lower interest rates today. However, the focus is on the size of reduction, and possible clues about future interest-rate trajectory from the central bank's accompanying statement.

Kinross Gold Corporation (K.TO), Rogers Communications (RCI.B.TO), Athabasca Oil Corporation (ATH.TO), Pembina Pipeline Corporation (PPL.TO), Veren Inc (VRN.TO), Baytex Energy (BTE.TO) and Cenovus Energy (CVE.TO) are down with sharp to moderate losses.

Bausch Health Companies (BHC.TO) is soaring nearly 10%. Bausch + Lomb (BLCO.TO) is gaining 7.7%. BCE Inc (BCE.TO) and Jamieson Wellness (JWEL.TO) are up 2.5% and 2%, respectively.

Bombardier Inc (BBD.B.TO), Docebo Inc (DCBO.TO), Morguard Corporation (MRC.TO) and Dayforce (DAY.TO) are also notably higher.

Descartes Systems Group (DSG.TO) announced today that it has acquired Assure Assist, Inc., doing business as MyCarrierPortal (MCP), for a consideration of approximately US$24 million. The stock is up by about 0.4%.

Quarterhill Inc. (QTRH.TO) shares are gaining 3% after the company announced that it has been awarded two contracts worth US$5.8 million for the supply of advanced commercial vehicle enforcement technology for weigh stations operated by the North Carolina Department of Public Safety State Patrol.