Investing.com –- Canada's main stock index, the S&P/TSX Composite managed to eke out a gain, closing 0.09% higher, tracking US stocks as Wall Street indices roared higher.
Sentiment in Canada remained fragile ahead of an interest rate decision from the Bank of Canada later this week, at which the BoC is expected to keep rates on hold. Money markets now see a roughly 20% chance of a BoC rate cut in March, and a roughly 50% chance of a cut in April.
The commodity heavy Canadian index was also pressured by miners, as gold and copper prices fell.
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Toronto Stock Market News
Activist investor Engine Capital LP is calling for Parkland Corp (TSX:PKI). to collaborate with its largest shareholders to overhaul its board after the two board members recently resigned. Engine currently holds 2.5% of Parkland's outstanding shares.
Gildan Activewear (TSX:GIL) is accusing investment fund Browning West of breaking U.S. antitrust rules as Browning West seeks to increase its stake in the company and replace 8 out of 11 Gildan board members. Browning West also aims to reinstate Gildan co-founder Glenn Chamandy as chief executive.
Shares of Algoma Steel (TSX:ASTL) Group slid after an incident over the weekend involving the “collapse of a structure supporting utilities piping” at a coke-making facility in Sault Ste. Marie. No injuries were reported.
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In Canadian Economics
A report from Statistics Canada shows that the disposable income gap between the top 40% of earners and the bottom 40% of earners widened by 0.5% in Q3 2023, year over year. StatsCan noted the widening gap was largely due to higher interest rates.
The agency noted that higher interest rates can “lead to higher yields on saving and investment accounts”, and that “The lowest income households are more likely to have a limited capacity to take advantage of these higher returns, as on average they have fewer resources available for saving and investment.”
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