The Canadian market saw a modest increase on Tuesday following a rather volatile session. Investors keenly awaited the Federal Reserve's monetary policy announcement scheduled for Wednesday, alongside some key economic data from both the U.S. and Canada for clearer market direction.
The S&P/TSX Composite Index concluded the day up by 45.10 points, or 0.2%, closing at 22,824.67. Throughout the session, it experienced a low of 22,775.46 and a high of 22,900.38.
Notable sectors that advanced included healthcare, consumer staples, and utilities. Several financial sector stocks also saw gains, although technology stocks underperformed.
Filo Corp (FIL.TO) experienced a significant surge of 8.8%. The company announced that BHP and Lundin Mining Corp (LUN.TO) would acquire all remaining shares of Filo for C$4.5 billion. Lundin Mining, however, declined by 2.6%.
George Weston Limited (WN.TO) reported an adjusted net earnings of $394 million for the second quarter, marking a 4.5% increase compared to the same period last year. The stock saw a gain of approximately 0.5%.
Atco Inc (ACO.Y.TO) rose nearly 8%, and Pollard Banknote (PBL.TO) went up by about 5%. Other stocks that gained between 1% and 2.5% included Canadian Tire Corporation (CTC.TO), Toronto-Dominion Bank (TD.TO), BRP Inc (DOO.TO), iA Financial Corporation (IAG.TO), TFI International (TFII.TO), West Fraser Timber (WFG.TO), and Intact Financial Corporation (IFC.TO).
Conversely, Bank of Montreal (BMO.TO) fell by about 5.4% following a rating downgrade.
Additionally, Celestica Inc (CLS.TO), Colliers International (CIGI.TO), Kinaxis Inc (KXS.TO), Boyd Group Services (BYD.TO), and Toromont Industries (TIH.TO) saw declines ranging from 1% to 2.2%.
