By Ketki Saxena
Investing.com – At noon in Toronto, the S&P/TSX Composite Index was at 20,642.80 points, down 0.42% in the day’s trading, reversing gains from earlier today following the Bank of Canada’s announcement of a 50 basis point hike.
The central bank raised its policy interest rate to 1.5% from 1.0%, will continue quantitative tightening, and said it was prepared to act “more forcefully if needed” to bring inflation back to its 2% target level.
The sell-off following the announcement was broad-based, with all TSX sectors barring industrials (0.61%) and energy (+0.41%) in the red at midday. Industrials is a cyclical sector that conventionally benefits from a rising-rate environment, while energy continued to track crude’s boost from the Chinese reopening and the EU partial ban on Russian energy.
WSP Global Inc (TSX:WSP)(+7.91%), Stelco (TSX:STLC) (+7.62%), Laurentian Bank Of Canada (TSX:LB) (+7.20%), CAE (TSX:CAE) Inc (+4.91%), and Jamieson Wellness (TSX:JWEL) (+4.19%) were the biggest gainers on the TSX so far today.
The biggest losers included Aurora Cannabis (TSX:ACB) (-8.92%), Hut 8 Mining (TSX:HUT) (-8.87%), Lithium Americas (TSX:LAC) (-8.72%), Lion Electric Corp (TSX:LEV)(-5.87%), and Denison Mines (TSX:DML) (-5.06%).