TSX Edges Up As BoC Decision Looms -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher ahead of an imminent interest rate call from the Bank of Canada.

The BoC are widely expected to raise interest rates tomorrow, but HSBC analysts are calling for an additional hike in October. "This is due to the much more hawkish tone struck by the central bank over recent weeks," HSCB said.

These moves would lift the Bank of Canada's policy rate to 1.0% by year end 2017.

The TSX Composite was up 32.83 points to 15,138.11, as crude oil rose above $45 when the U.S. government lifted its domestic oil output forcast.

Canadian Imperial Bank of Commerce, or CIBC (CM.TO), has struck a deal to buy Chicago's Geneva Advisors for up to U.S. $200-million. The deal follows CIBC's recent acquisition of U.S. firm PrivateBancorp for $4.9-billion.

"This investment will add scale in key markets where we can offer clients differentiated, high-touch service," Larry Richman, CEO of PrivateBancorp, said in a statement.

U.S. Midwest gas station chain Holiday and its 374 locations will be sold to Alimentation Couche-Tard (ATD.B.TO). The sale price was not disclosed. Couche Tard intends to continue Holiday's operational base in Bloomington, Minnesota.