By Adriano Marchese
Stocks in Toronto were firmly lower in midday trading on Wednesday.
Canada's central bank held its main interest rate steady at 5% after back-to-back rate rises in July and July, citing a shift in the economy to a weaker phase, with labor-market pressures easing.
Most sectors reeled in the session, led by process industries, tech and industrial services. Only consumer durables and commercial services posted gains, rising slightly.
At midday, Canada's S&P/TSX Composite Index was down 0.86% to 20237.85. The blue-chip S&P/TSX 60 fell by 0.93% to 1211.90.
Enbridge shares were sharply lower, falling by 5.2% to 45.67 Canadian dollars ($33.48) after the company said it agreed to purchase utilities in the U.S. from Dominion Energy for $14 billion. The deal will see Enbridge bring into its fold the East Ohio Gas Company, Public Service Company of North Carolina, and Questar Gas and its related Wexpro companies.
Other market movers:
Hammerhead Energy shares trading in Toronto were 7.4% higher at C$15.76 after it said it now expects daily production of oil in 2023 to be higher, due to it getting a better handle on costs and performance.
Canada Nickel said it has secured a loan of $12 million from precious metals merchant Auramet. Shares are down 3.2% to C$1.20.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
09-06-23 1221ET
