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TSX Declines After Bank of Canada Rate Hike
Published Jun 07, 2023 15:28
© Reuters.
By Ketki Saxena
Investing.com -- The TSX declined by late afternoon trading, reversing the morning's gains after a decision by the Bank of Canada (BoC) to increase its benchmark interest rates. The BoC hiked the key rate to 4.75%, marking its highest point in over two decades, and raising concerns about an economic slowdown.
Market analysts predict that there is approximately a 50% chance for another rate hike in July and foresee further tightening to be fully implemented by September.
The commodity-heavy Canadian index gained some support from crude prices, which along with copper prices, were fueled by expectations that China would introduce more stimulus measures into its economy.
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Dollarama Inc (TSX:DOL) reported earnings of $179.9 million during their latest quarter - an increase from $145 .5 million during the same period last year. The company's profit amounted to 63 cents per diluted share for this quarter ending on April 30th; up from last year’s figure of 49 cents per diluted share. Revenues totaling $1.29 billion compared to $1.07 billion during the same time frame last year.
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Canada witnessed a rise in merchandise exports which grew by 2.5% in April. Imports, on the other hand, experienced a slight decrease of 0.2%. Consequently, Canada's international merchandise trade surplus expanded from $231 million in March to $1.9 billion in April.
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