off-the-wire

CANADA STOCKS-Toronto shares fall as investors await Fed minutes

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Updates prices, adds details and comments)
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Equinox Gold gains on quarterly profit beat

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Bausch + Lomb rises on Q4 profit beat

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S&P/TSX composite index down 0.5%


By Shristi Achar A Feb 22 (Reuters) - Canada's main stock index fell on Wednesday as investors remained cautious ahead of minutes from the latest U.S. Federal Reserve policy meeting, while shares of Equinox Gold Corp climbed to the top of TSX on upbeat results.


At 10:16 a.m. ET (1516 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 95.82 points, or 0.47%, at 20,156.82, extending declines after posting the biggest single-day percentage drop so far in 2023 in the previous session.


Minutes from the Fed's Jan.31-Feb.1 meeting, expected at 2:00 p.m. ET (1900 GMT), are expected to detail the breadth of debate at the central bank over how much further interest rates may need to be raised to slow inflation. "Yesterday we had a down day and in the absence of any major catalysts, investors are taking a cautious approach," said Angelo Kourkafas, investment strategist at Edward Jones Investments.


"A lot of the market drivers for the TSX really come from south of the border and what the Fed is going to do is an important part of the equation."


Meanwhile, a Reuters poll showed that TSX will add to its rally this year and hit a record high in 2024 as the Bank of Canada turns less hawkish and China's reopening boosts demand for commodities but the upswing will be less than previously thought. The materials sector , which includes precious and base metals miners and fertilizer companies, fell 1.6%, with Teck Resources Ltd extending its losses after a profit miss.


Shares of Equinox Gold gained 7.5% after the gold miner beat fourth-quarter profit estimates, but posted a decline in earnings hurt by lower production and higher operating costs amid inflationary pressures. In other earnings-driven moves, Bausch + Lomb gained 1.4% after the eye-care company beat quarterly profit estimates, but reported a decline in earnings on higher interest expenses.
(Reporting by Shristi Achar A in Bengaluru; Editing by Shailesh Kuber)

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