RTTNews - Canadian stocks will look to add to yesterday's modest gains on Wednesday morning as all eyes will be looking toward the Federal Reserve's interest rate decision this afternoon.
The Federal Open Market Committee's interest rate decision at 2:15 p.m. ET at the end of a two-day meeting. Rates are expected to remain unchanged.
Also on Wednesday, the Organization for Economic Cooperation and Development said the Bank of Canada leave its interest rates at 0.25% through 2010. The OECD also raised its outlook for its 30 member nations for the first time in two years.
Energy stocks could pause after a strong session yesterday as crude oil is down 34 cents to $68.90 per barrel ahead of the Energy Information Administration's inventory report later in the morning.
In corporate news, Addax Petroleum (AXC.TO) agreed to be bought by Sinopec for C$8.3 billion or C$52.80 per common share in cash.
Starfield Resources (SRU.TO) said that it has agreed to acquire all of the outstanding securities of Nevoro Inc. (NVR.TO).
Saputo (SAP.TO) said Tuesday that it has agreed to buy the activities of F&A Dairy of California.
Bell Canada (BCE.TO) announced the public offering of C$1 billion of medium term debentures, or MTN Debentures.
Clairvest Group (CVG.TO) reported net income for the fourth quarter of C$3.82 million or C$0.23 per share, compared to C$5.22 million or C$0.32 per share in the year-ago quarter.
AGF Management (AGF-B.TO) reported second-quarter net income of C$17.2 million or C$0.19 per share, compared to C$44 million or C$0.49 per share last year.
In economic news across the border, a Commerce Department report said durable goods orders rose 1.8 percent in May, matching the revised increase seen in April. The continued increase came as a surprise to economists, who expected orders to fall 0.9 percent compared to the 1.9 percent increase originally reported for the previous month.
On Tuesday, the S&P/TSX Composite Index added 62.54 points or 0.63% to settle at 9,896.72. With the gains, the index erased some of the 4.4% plunge from Monday.
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