Canadian Stocks Little Changed Before Fed Policy DecisionGerrit De Vynck
Canadian stocks were little changed, paring an early rally that sent the benchmark index above its all-time closing high, before the latest policy decision from the U.S. Federal Reserve.
BlackBerry Ltd. jumped 3.7 percent before the release of quarterly results tomorrow. Iamgold Corp. and Agnico Eagle Mines Ltd. climbed more than 2.9 percent to lead materials shares higher.
The Standard & Poor’s/TSX Index rose 9.22 points, or less than 0.1 percent, to 15,065.11 at 11:33 a.m. in Toronto. The index each day this week has climbed above its record of 15,073.13 reached in June 2008, only to slip below that level by the close.
The U.S. Federal Open Market Committee will reduce its monthly asset purchases by $10 billion to $35 billion when it announces the outcome of its meeting at 2 p.m. in Washington, according to the median estimate compiled by Bloomberg. Officials led by Janet Yellen will release a new set of quarterly predictions for unemployment, inflation, economic growth and the benchmark federal funds rate.
Seven out of 10 industries on the index fell. Iamgold rallied 3.8 percent to C$4.38 and Agnico Eagle added 2.9 percent to C$37.83 as raw-materials companies advanced 1 percent.
BlackBerry jumped 3.7 percent to C$9.06 after signing a deal with Amazon.com Inc. for access to the online retailer’s application store.
Enerplus Corp. rose 1.5 percent to C$26.33 after increasing its estimates for how much oil it had at its Fort Berthold Bakken and Three Forks properties.