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TSX hits record high after cenbank leaves door open for rate cut

Published 2020-01-22, 10:22 a/m
Updated 2020-01-22, 10:26 a/m
© Reuters.  TSX hits record high after cenbank leaves door open for rate cut

© Reuters. TSX hits record high after cenbank leaves door open for rate cut

Jan 22 (Reuters) - Canada's main stock index scaled an all-time peak on Wednesday after the central bank maintained its key overnight interest rate but opened the door to a possible cut should a slowdown in Canadian growth drag on.

* At 10:20 a.m. ET (1520 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 82.36 points, or 0.47%, at 17,654.64.

* The Bank of Canada has held interest rates steady since October 2018 even as several of its international counterparts have eased monetary policy. Data by Statistics Canada earlier showed the country's annual inflation rate held steady at 2.2% in December, supported by higher energy prices and balanced out by slower cost gains in food and cars. The interest rate sensitive financials sector .SPTTFS was up 0.3%.

* The energy sector .SPTTEN dropped 0.6% as U.S. crude CLc1 prices were down 2.2% a barrel, while Brent crude LCOc1 lost 1.8%. O/R

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, lost 0.2%. GOL/ MET/L

* On the TSX, 140 issues were higher, while 89 issues declined for a 1.57-to-1 ratio favouring gainers, with 16.68 million shares traded.

* The largest percentage gainer on the TSX was Bombardier BBDb.TO , which jumped 7%, rising for the second day after a report of talks to combine its rail unit with French peer Alstom ALSO.PA . Spin Master Corp TOY.TO fell 5.2%, the most on the TSX, after the toymaker lowered its forecast for holiday quarter sales. The most heavily-traded shares by volume were Bombardier, Royal Bank of Canada RY.TO and Encana Corp ECA.TO .

* The TSX posted 29 new 52-week highs and no new lows.

* Across all Canadian issues there were 102 new 52-week highs and five new lows, with total volume of 53.02 million shares.

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