By Robb M. Stewart


Shares on Canada's main exchange was little changed after the central bank's widely expected move to offer borrowers another dose of rate relief.

In Wednesday trading, the Toronto Stock Exchange's S&P/TSX Composite Index was less than 0.1% lower at 22802.48 as the consumer services and finance sectors led broad declines that offset advances by mining and technology stocks.

The blue-chip S&P/TSX 60 was down 0.1% at 1360.10.

The big banks were mixed, with Bank of Nova Scotia and Royal Bank of Canada each up 0.2% but Bank of Montreal falling 0.5%.

The Bank of Canada cut its policy interest rate a quarter percentage point to 4.5%, a second such cut in two months, and signaled more reductions were likely so long as inflation continued to track lower as anticipated.

Canadian National Railway was among the biggest drags on the market, dropping 4.2% to C$158.44. The railway operator cuts its earnings forecast for the year following a weaker-than-expected financial performance in the second quarter.


Other market movers:

Teck Resources was 0.6% lower at C$62.69 after the mining company reported stronger-than-expected earnings for the latest quarter, but scaled back its copper production target for the year.

Bausch Health shares were halted several times through the session and were last down 21% at C$8.21. The company issued a statement denying a report alleging it was considering bankruptcy or insolvency proceeds, a report later updated to say Bausch wasn't involved with discussions with its creditors.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

07-24-24 1337ET