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Canadian Stocks Goosed By Fed, Canada Goose Debuts -- Canadian Commentary

Canadian stocks are poised for early gains Thursday amid rising commodity prices.

Gold stocks, which surged higher by 6 percent yesterday, may continue to rally on rebounding bullion prices.

Crude oil futures are also higher this morning, jumping near $50 a barrel.

The S&P/TSX Composite Index was up 141.30 points, or 0.92 percent, to 15,520.91 on Wednesday. The U.S. Federal Reserve goosed markets on both sides of the border by saying it plans to raise rates only quite gradually.

Instead of foreshadowing three more interest rate hikes in 2017, the Fed still sees only two modest rate hikes by year's end. Policymakers also retained their modest economic growth outlook.

Meanwhile, the Bank of England held its key interest rate at 0.25 percent this morning, as expected. It was a split vote, however, as one member considered it appropriate to hike the rate by a quarter point.

The defeat of right-wing nationalists in the Netherlands is also boosting stocks everywhere.

Gold was up $25.39 to $1226 an ounce, the biggest one-day gain in months.

Goldcorp Inc. (G.TO) and Barrick Gold (ABX.TO) were upgraded by RBC Capital Markets from Underperform to Sector Perform.

Stylish winter jacket maker Canada Goose (GOOS) will make its market debut in New York and Toronto today.

Transat (TRZ.A.TO) reported a quarterly loss on revenues of $689.3 million, compared with $725.7 million in 2016.

Premium Brands Holdings (PBH.TO) turned in strong quarterly results and raised its dividend by 10.5% to $0.42 per share.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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