By Ketki Saxena
Investing.com -- The TSX pared some gains but remained in the green following a decision by the US Federal Reserve to hold rates steady, but to stay hawkish signaling 2 more rate hikes ahead. The resource-heavy Canadian index was also supported by commodity prices propelling energy and materials stocks on a rising demand outlook due to rate cuts from top consumer China.
The Biggest Stories on Bay Street
Canaccord Genuity (TSX:CF) announced that its bid for privatization has been halted, due to certain unmet conditions such as required regulatory approvals related to the buyout offer before Tuesday night's deadline.. Initially proposed in January by a management-led group called the CG Employee Group, an all-cash offer of C$11.25 per share was made, valuing the deal at approximately C$1.127 billion.
Lundin Mining (TSX:LUN) Corp shares rose following UBS upgrading its rating on their stock from "neutral" to "buy".
BCE (TSX:BCE) Inc announced plans for cutting around 3% of its workforce or about 1300 positions while also closing or selling nine radio stations as part of their strategy to "significantly adapt" how they deliver news content.
Canadian Stocks Moving Markets This Morning
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In Canadian Economics
As per Statistics Canada, National net worth in Canada grew 1.7% between Q4 2022 and Q1 2023, reaching $17,109.3 billion at the end of the first quarter in 2023. This figure represents a combination of national wealth and Canada's net foreign asset position.