The TSX lost ground today, one day after the Trudeau Liberals unveiled their federal budget.
The exchange was off by 20 points, led lower by drops in banking and health care stocks.
Among the six sectors in the green were energy, utilities, real estate, and gold.
A few of the index’s heavily-traded cannabis stocks came down with Green Organics Dutchman losing 7.4 percent and Aurora Cannabis slipping by 1.4 percent.
Canopy Growth rose 1.9 percent, however, after the company announced that it had entered into a multi-year processing and extraction agreement with Victoria-based HollyWeed Manufacturing & Extracts Inc.
There was a broad-based rise in Canadian energy stocks as oil continues to add value, jumping $1.09 to $60.12 US a barrel. The focus is on supply with OPEC production cuts and U.S. sanctions on Iran and Venezuela pushing the price of crude higher.
In New York, the U.S. Federal Reserve is keeping its key interest rate unchanged, with no rate hikes projected for the rest of the year.
This decision to press pause on rates was influenced by an economic slowdown both stateside and across the globe, along with Britain’s potential exit from the EU and the U.S.’s ongoing trade negotiations with different countries, including China.
The Fed’s rate announcement initially sparked a rally on Wall Street, but the Dow was unable to keep any kind of momentum as it slipped 79 points below flat line.
President Donald Trump dampened sentiment late in the day when he said that tariffs on Chinese imports could stay in place for a substantial period of time, to ensure that China “lives by” a potential trade deal.
The Nasdaq was able to cling to some of its gains, and was up by five points at the close.
The greenback went for a tumble following the U.S. Fed decision, helping the loonie strengthen by 9/100ths of a cent to $0.7515 US, and gold to rise $8.10 to $1,314 an ounce.
