Stocks in Toronto are poised to break an eight-session losing streak, mirroring a rebound on Wall Street. Investors are eagerly anticipating the Federal Reserve's upcoming decision and the release of important economic data.
By midday, the technology services and finance sectors have shown the most significant gains, effectively offsetting weakness in mining stocks.
The S&P/TSX Composite Index has risen by 0.4% to 18,802.06, while the blue-chip S&P/TSX 60 is up 0.4% at 1,128.64. Year-to-date, both indexes have experienced a decline of just over 3%.
Major banks are performing well, with Royal Bank of Canada experiencing a 1.7% increase and National Bank of Canada enjoying a 1.9% advance.
Despite Air Canada reporting a profit for the third quarter and surpassing analyst expectations, the airline's stock has dipped 1.9% to C$16.41. However, the company remains committed to expanding capacity in order to meet stable demand.
Other Notable Market Movements
- First Quantum Minerals' shares have plummeted by 27% to C$20.42 due to heightened uncertainty surrounding the future of its Cobre Panama copper mine. Reports suggest that Panama President Laurentino Cortizo has called for a national vote on December 17 to determine whether the company's mining license should be revoked.
- Meridian Mining UK has witnessed a 13% increase to C$0.36 after appointing former Sabina Gold & Silver Chief Executive Bruce McLeod as chairman.