Canadian stocks bounced back in midday trading on Wednesday after earlier losses, following the Bank of Canada's decision to leave its main interest rate unchanged at 5%. The central bank attributed this decision to the rise in borrowing costs, which has dampened consumer spending and brought supply and demand closer to balance.
- Canada's S&P/TSX Composite Index increased by 0.37% to reach 19,056.24.
- The blue-chip S&P/TSX 60 rose by 0.41% to 1,145.79.
GR Silver Mining Shares Rally
GR Silver Mining shares made a sharp turnaround, surging by 13% to 5 Canadian cents (4 cents) following the company's announcement that it plans to raise C$1.2 million through a private placement of units. This news came after the stock had initially declined by over 12% in the morning.
Other Notable Market News
- Canadian National Railway reported reduced profits in the third quarter due to lower revenue from fuel surcharges and weaker shipment volumes. Performance was also impacted by external factors such as the West Coast dockworkers strike, as well as wildfires and floods. Despite this setback, shares of Canadian National Railway are up by 1.2% at C$146.67.