Canada Stocks-TSX Rebounds as Miners Provide Support; BoC Holds Rates

Canada's main stock index rose on Wednesday, with mining stocks leading the recovery, while investors assessed the impact of elevated bond yields and the Bank of Canada's decision to hold interest rates steady.

The S&P/TSX Composite Index .GSPTSE was up 0.7% at 36,068.32 at 10:28 a.m. ET.

The benchmark index rose after three sessions of declines, with the materials sector .GSPTTMT providing the biggest boost, up 2.6%.

The Bank of Canada left its benchmark rates unchanged at 2.25% as widely expected, but said the risks to inflation had grown while new U.S. tariffs made growth prospects more uncertain.

"It's going to be a very high bar for the BoC to make a decision one way or another right now, given the uncertainty and how quickly things can change," said Neil Linsdell, head of investment strategy at Raymond James.

"You don't want to make any kind of decisions that are going to set a precedent for a course on something that can change (as quickly as) this afternoon."

Still, bets on an interest-rate hike this year inched up to 75% from 64% before the announcement, the swaps market showed.

Miners gained, tracking an uptick in gold and silver prices, with Endeavour Silver EDR.TO up 5.3%, Kinross Gold K.TO gaining 3.3% and Barrick Gold ABX.TO adding 2.9%.

Consumer discretionary shares .GSPTTCD bounced back from two sessions of declines, aided by a 3.3% rise in shares of sportswear retailer Gildan Activewear GIL.TO.

Meanwhile, the yield on the 10-year U.S. Treasury US10YT=RR was at 4.784%, retreating from early-2025 highs hit in the previous session, while the 10-year Canadian equivalent CA10YT=RR was at 3.759%.