Toronto, Jan 20 (IANS) Canada’s main stock market in Toronto recovered broadly ahead of the interest rate announcement to be made by the Bank of Canada.
The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index regained 60.07 points, or 0.50 percent on Tuesday, to close at 12,002.24 points, Xinhua news agency reported.
Seven of the index’s eight main sectors rebounded into positive, while the energy group was rattled by falling crude prices.
Heavyweight advancers were banks and other financial stocks as investors and mortgage holders are anxiously waiting for the Bank of Canada’s next adjustment on interest rates.
Toronto-Dominion Bank added 1.84 percent to 50.29 Canadian dollars a share, and Manulife Financial Corporation went up 1.01 percent to 18.04 dollars a share.
Bank of Canada Governor Stephen Poloz is expected to reveal the bank’s latest decision on interest rates on Wednesday.
The central bank can choose to raise its benchmark rate, known as the target for the overnight rate, from its current level of 0.5 percent, lower it, or keep it the same.
The Canadian dollar was traded slightly lower at $0.6869, compared with Monday’s closing rate of $0.6870.