TSX Ends Slightly Higher

(RTTNews) - After a cautious start and a subsequent uptick that resulted in a long spell in positive territory, the Canadian stock market suffered a setback of sorts in the closing minutes on Wednesday, but still managed to end with a small gain.

Bank stocks edged higher, after the U.S. Federal Reserve hiked interest rate by 25 basis points, in line with expectations and projected another hike this year.

Telecom, consumer discretionary and industrials stocks were among the other prominent gainers. Energy and materials stocks were mostly weak due to lower commodity prices.

The benchmark S&P/TSX Composite Index ended up 9.78 points, or 0.06%, at 16,169.28, off the day's high of 16,241.41. The index scaled a low of 16,146.93 intraday. On Tuesday, the index ended with a loss of 47.82 points, or 0.30%, at 16,159.50.

The Capped Telecommunications Index moved up 1.32%. BCE Inc. (BCE.TO), Telus Corporation (T.TO), Rogers Communications (RCI.B.TO), Cineplex Inc. (CGX.TO) and Cogeco Communications Inc. (CCA.TO) gained between 1.2% and 2%.

The Capped Consumer Discretionary Index ended 1.17% up. Canada Goose Holdings Inc. (GOOS.TO) soared over 10%, Magna International Inc. (MG.TO) climbed up 2.75%, Linamar Corporation (LNR.TO) gained 2.1% and Gildan Activewear Inc. (GIL.TO) ended 1.7% up.

The Capped Industrials Index added about 0.65%. Canadian National Railway (CNR.TO) gained 2.2% and CAE Inc. (CAE.TO) ended nearly 1% up, while Toromont Industries (TIH.TO) declined by 1.3% and Finning International Inc. (FTT.TO) slipped by 1.6%.

The Financial Index added 0.4%. Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank Of Commerce (CM.TO) and National Bank of Canada (NA.TO) gained 0.3% to 0.7%, while Royal Bank of Canada (RY.TO) ended flat.

The Healthcare index shed about 1.6%. Aurora Cannabis Inc. (ACB.TO) declined by 4.5%, Aphria Inc. (APH.TO) ended 2.8% down, Knight Therapeutics Inc. (GUD.TO) eased by about 1.1%, while Bausch Health Companies Inc. (BHC.TO) gained 1.6%.

The Materials Index ended nearly 1% down. Agnico Eagle Mines (AEM.TO) declined by 3.6%, Barrick Gold Corporation (ABX.TO) ended nearly 3% down, Teck Resources (TECK.B.TO) declined by 1.9%, Goldcorp Inc. (G.TO) ended 2.5% down and Methanex Corporation (MX.TO) lost 1.6%. Meanwhile, Franco-Nevada Corporation (FNV.TO) added 1.2% and First Quantum Minerals (FM.TO) advanced by 2.2%.

Among energy stocks, Vermilion Energy Inc. (VET.TO) ended lower by 2.3%, Tourmaline Oil Corp. (TOU.TO) shed 2.2%, ARC Resources (ARX.TO) ended 3.1% down and PrairieSky Royalty (PSK.TO) lost 2%, while Encana Corporation (ECA.TO) and Cenovus Energy Inc. (CVE.TO) lost 1.2% and 1%, respectively.

In the Information Technology space, Kinaxis Inc. (KXS.TO) climbed up 3.7%, Celestica Inc. (CLS.TO) added 2.7% and Shopify Inc. (SHOP.TO) advanced by 1.1%.

Chorus Aviation Inc. (CHR.TO) announced today that its subsidiary, Jazz Aviation LP, has been awarded a contract for heavy maintenance work for airBaltic of Latvia. The stock ended lower by about 0.5%.

The Supreme Cannabis Company, Inc. (TSXV: FIRE) shares jumped 4.2% after the company announced that its wholly owned subsidiary, 7ACRES, has entered into a supply agreement to provide dried cannabis to Tilray Canada Ltd., a subsidiary of Tilray Inc.

Ceres Global Ag Corp. (CRP.TO) said today that its fourth quarter gross profit increased by $1.9 million to $2.0 compared to the fourth quarter fiscal year 2017. The stock climbed up 7.8%.

NFI Group (NFI.TO)'s U.S. subsidiary New Flyer of America Inc. announced that Community Transit in Everett, Washington has exercised options for 26 heavy-duty, sixty-foot Xcelsior clean-diesel transit buses. NFI Group shares declined marginally.

Asian stocks closed mostly higher on Wednesday as investors awaited the U.S. Federal Reserve's monetary policy decision. European markets finished modestly higher.

The U.S. market ended lower after initially responding positively to the Federal Reserve's monetary policy announcement.

Stocks initially moved higher after the Fed announced its widely expected decision to raise the target range for the federal funds rate by 25 basis points to 2 to 2.25%.

The accompany statement said the labor market has continued to strengthen and that economic activity has been rising at a strong rate and reiterated that average job gains have been strong in recent months and noted annual inflation remains near 2%.

The Fed's projections for future rate hikes points to one more increase in rates this year and three rate hikes next year, largely unchanged from June.

However, Fed Chairman Jerome Powell's remarks that dropping "accommodative" from the statement does not signal a shift in the outlook for rates, pulled the market down.

In commodities, crude oil futures for November ended down $0.71, or about 1%, at $71.57 a barrel on the New York Mercantile Exchange. after data from the U.S. Energy Information Administration showed U.S. crude stockpiles to have increased for the fist time in six weeks.

Gold futures for December settled down $6.00, at $1,199.10 an ounce ahead of the Federal Reserve's rate announcement. Post Fed's policy statement, gold futures edged up briefly, but faltered soon.

Silver futures for December settled at $14.401 an ounce, losing $0.091 for the session.

Copper futures for December ended up $0.0045, at $2.8280 per pound.