By Adriano Marchese
Stocks in Toronto were higher mid-trading on Wednesday. The Bank of Canada cut its main interest rate by a half-percentage point for the second time in a row, citing weaker-than-expected growth and a softening labor market. The rate is now sitting at 3.25%.
Sector performance was mixed in Canada. Health tech stocks were the main laggards, followed by communications and utilities stocks. Offsetting these were gains in materials, tech and energy stocks.
Canada's S&P/TSX Composite Index rose 0.5% to 25628.93 and the blue-chip S&P/TSX 60 advanced by 0.5% to 1537.93.
Bausch Health Cos. shares fell 9.5% to 10.68 Canadian dollars ($7.53) after a Financial Times report suggested that Blackstone, a potential buyer of the business, was more apprehensive of partaking in a joint takeover bid for its eyecare business, Bausch + Lomb.
Other market movers:
Roots shares jumped in early trading Wednesday after the company reported a rise in profit and sales in the third quarter thanks to higher demand for its core apparel products.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 11, 2024 12:06 ET (17:06 GMT)
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