Canada’s benchmark stock index traded lower Wednesday amid a historic rate hike by the Bank of Canada.
At 11:07 a.m. the S&P/TSX Composite Index was down 53.86 points to 18,624.78; earlier, it sank as much as 1.6 per cent, or 299.9 points. The move follows a 138.15-point drop Tuesday.
The loonie shot up against the U.S. dollar immediately after the Bank of Canada’s announcement at 10 a.m., and was trading up four-tenths of a cent to US$0.7720 at 11:25 a.m. Bill Harris, a partner and portfolio manager at Avenue Investment Management, said Wednesday’s rate hike was inevitable.
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