Canada’s main stock index stayed nearly flat Wednesday as shares bobbed along in what one portfolio manager calls a “floating pattern.”
In Canada, many stocks remain in limbo ahead of economic output data this Friday and corporate earnings results next month. Deutsche Bank revised its stance on Toronto-based First Quantum Minerals on Wednesday, boosting the stock rating to buy from hold and triggering a seven per cent bump in the share price that drove a base metal sector increase.
Telecommunications companies, utilities outfits and real estate investment trusts are all areas that would benefit more directly from lower rates, Duench pointed out.Figures expected Friday on Canada’s gross domestic product could also move those markets. Should economic output lag behind projections, expectations for more cuts to the benchmark interest rate from the Bank of Canada over the next 18 months will likely rise even higher.