WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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TSX Fails To Hold Gains, Ends Flat

(RTTNews) - After opening on a strong note and staying firmly up in positive territory till well past mid afternoon on Wednesday, the Canadian market plunged into the red before eventually ending the session with a small gain. The market dropped from the day's high with investors reacting to hawkish comments from the Federal Reserve, which indicated that it plans to begin raising interest rates "soon," citing elevated inflation and a strong labor market. The Fed left interest rates unchanged at near-zero levels as widely expected but said the Federal Open Market Committee expects "it will soon be appropriate to raise the target range for the federal funds rate." Earlier in the day, the Bank of Canada kept its trendsetting interest rate at rock-bottom levels, holding off on planned increases aimed at controlling surging inflation. The Bank of Canada said in the accompanying report that it expects inflation will remain around 5% for the first half of 2022, citing supply chain constraints and rising food prices. The central bank expects inflation to fall back down to 3% by the end of the year and back towards the target rate of 2% by 2024. The benchmark S&P/TSX Composite Index, which rose to 20,933.19 after opening with a positive gap of nearly 200 points at 20,781.34, settled at 20,595.89, up 4.91 points or 0.02% from the previous close. The index touched a low of 20,502.57. Healthcare and materials shares drifted lower. Consumer discretionary stocks closed on a firm note, while consumer staples, financials, technology, energy and industrials shares ended mixed, failing to hold early gains. Among the major gainers, Boyd Group Services (BYD.TO) climbed nearly 6%. Aritzia Inc (ATZ.TO), Cargojet (CJT.TO), Magna International (MG.TO), Linamar Corporation (LNR.TO) and Constellation Software (CSU.TO) gained 2.3 to 3.1%. Loblaw Companies (L.TO), Colliers International (CIGI.TO), George Weston (WN.TO), National Bank of Canada (NA.TO), Canadian Tire Corporation (CTC.A.TO), Bank of Montreal (BMO.TO), Waste Connections (WCN.TO) and FirstService Corporation (FSV.TO) advanced 1 to 2%. Among the losers, Kirkland Lake Gold (KL.TO), Canada Goose Holdings (GOOS.TO), Agnico Eagle Mines (AEM.TO), Canadian National Railway (CNR.TO), Shopify Inc (SHOP.TO), goeasy (GSY.TO), Nuvei Corporation (NVEI.TO) and Cogeco Inc (CGO.TO) declined 2 to 4%. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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