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Monday, January 24, 2022

TSX declines as investors are cautious ahead of Fed

TSX declines as investors are cautious ahead of FedTORONTO: Canada’s main stock index slipped on Wednesday as investors were nervous ahead of Federal Reserve comments expected to clarify the U.S. central bank’s plans to raise interest rates.

The Fed is expected to release a statement this afternoon, which will be followed by a press conference by Chair Janet Yellen.

Oil prices slumped on increasing crude inventories, pressuring shares of energy producers.

Investors refrained from taking big positions ahead of the Fed statement.

“The market is struggling. Investors are sitting and watching. There’s not a lot of buying enthusiasm,” said Douglas Davis, vice chairman at Davis-Rea.

He said he did not expect any dramatic policy shift from the Fed anytime soon, as long as the U.S. dollar remained strong.

The Toronto Stock Exchange’s S&P/TSX composite index was down 30.60 points, or 0.21 percent, at 14,867.93. Seven of the 10 main index sectors were in the red.

Financials, the most heavily weighted sector, declined. Toronto Dominion Bank lost 0.3 percent to C$ 53.95, and Bank of Nova Scotia slipped 0.4 to C$ 63.06.

Among shares of energy companies, TransCanada Corp gave back 0.8 percent to C$ 55.04 and Canadian Natural Resources Ltd lost 0.8 percent to C$ 37.32.

Copyright Reuters, 2015

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