By Purvi Agarwal
(Reuters) – Canada’s main stock index rose on Thursday boosted by materials stocks, while investors repriced their expectations of the first rate cut to May by the U.S. Federal Reserve.
At 10:07 a.m. ET (15:07 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 102.28 points, or 0.49%, at 21,124.16.
Materials stocks were the top gainers on the index, rising 1.5%, pulled up by Methanex Corp. which rose 3.7% after it beat analysts’ estimates for the fourth quarter.
The sector is set for its best day since Jan. 23 if gains hold.
Healthcare stocks trended upwards with a 1.2% rise, snapping a two-day losing streak.
While the Fed clearly indicated no possibility of a rate cut in March, markets took comfort in Chair Jerome Powell’s commentary that the cuts will be sizeable for 2024.
“Powell’s comments were a lot to chew on. He pretty much ruled out the possibility of a rate cut in March, but he also definitely set…
