Investing.com —Canada's main stock index, the S&P/TSX Composite added 0.32% on Wednesday to end at 21,593.96 points, its highest closing level since April 2022.
The TSX tracked Wall Street higher after comments from Federal Reserve Chair Jerome Powell provided assurance that interest rate cuts were coming this year.
The Bank of Canada meanwhile kept its key overnight rate steady at 5% as expected, but struck a hawkish note, stressing that core inflation measures remained too high, and that there was no calendar on rate cuts yet.
"It would be great if this (high rates) worked faster. It would be great if it was less painful. But unfortunately, monetary policy, it does work slowly," BoC Governor Tiff Macklem said at the press conference following the announcement.
However, Canadian markets largely shrugged off Macklem’s hawkish remarks, as Fed Chair Powell’s comments boosted risk-on sentiment.
The commodity heavy Canadian index also gained support from miners as spot gold prices touched a new all time high.
The biggest gainers of the session on the TSX were Lithium Americas (TSX:LAAC) Argentina, which rose 10.82% or 0.70 points to trade at 7.17, recovering from yesterday’s selloff and as China’s Ganfeng Lithium to pay US$51 million for 15% of the Canadian company’s Pastos Grandes project in Argentina.
Orla Mining Ltd was up 6.69% or 0.32 points to 5.10 in late trade.
Biggest losers included Paramount Resources (TSX:POU) Ltd, which lost 12.37% or 3.88 points to trade at 27.48 in late trade after the company lowered its sales volumes forecast for 2024.
Nuvei (TSX:NVEI) Corp declined 10.34% or 3.55 points to end at 30.78, despite reporting fourth-quarter results above analysts' estimates, and as forward guidance remained cautious.
Bausch Health (TSX:BHC) Companies Incshed 4.08% or 0.53 points to 12.47.
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