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The Toronto Stock Exchange closed lower for a second-straight day on Wednesday, as investor enthusiasm following the U.S. Federal Reserve's first rated cut in four years quickly faded.
After briefly touching a session high of 23,780.22 following the rate decision, the S&P/TSX Composite Index closed down 85.13 points to eventually land at 23,592.57, joining U.S. exchanges, which all ended lower. Utilities were the biggest loser, down 0.8%, followed by Industrials, down 0.7%. Healthcare and Battery Metals were the biggest gainers, up 2.3% and 1.6%, respectively.
West Texas Intermediate (WTI) crude oil closed lower on on Wednesday even after a report showed a larger than expected drop in U.S. oil inventories while the Federal Reserve, as expected, cut interest rates by 50 basis points, the first cut to rates in four year. WTI crude for October delivery closed down US$0.28 to settle at US$70.91 per barrel, while November Brent crude, the global benchmark, was last seen up US$0.08 to US$73.78.
Gold traded lower late afternoon on Wednesday as the dollar moved higher following the Fed's rate-cut decision.
Gold for December delivery was last seen down US$18.20 to US$2,574.20 per ounce.
The Federal Open Market Committee (FOMC), which sets Federal Reserve policy, ended its two-day meeting on Wednesday afternoon with a 50 basis point cut to interest rates, the first cut to rates since 2020. The cut, which met market expectations though a 25 point cut was also in play, came as U.S. inflation slows while the labor market weakens.
"The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the FOMC's said in its statement.
The drop in rates is expected to begin a cycle of cuts, though the FOMC's outlook for rates, its "dot plot", showed the committee may less dovish than some hoped, predicting only 50 basis points of additional cuts this year.
"Looking at the updated Fed member forecast, the "dots", the median expectation is for only 50 bps in further cuts expected this year. This could be another 50 in November, or it could imply that the Fed will move to a slower path now that it has come out of the gates quickly, with a quarter point cut at each of the remaining meetings this year. From our point of view, the Fed's current policy stance is still roughly 200 bps above where it needs to be given the state of the economy. This implies that, no matter the specific pace, investors should expect the Fed to keep cutting through the rest of this year and next," James Orlando, senior economist at TD Economics, noted.
Also on Wednesday the Bank of Canada released its Summary of Governing Council deliberations from its last meeting on Sept.4, which ended with its third-straight cut to interest rates as the council decided inflationary pressures are easing.
"Members agreed that with broad inflationary pressures continuing to ease, it was appropriate to reduce the policy rate further. They decided to cut the policy rate by another 25 basis points to 4 1/4%. Governing Council members also discussed the future path for the policy rate. They agreed that if inflation continued to ease as expected, that it was reasonable to expect that the policy rate would decline further. Given the countervailing forces working on inflation, members agreed that there was no pre-determined path for interest rates. They would proceed with decisions one meeting at a time, guided by incoming data," the summary noted.
Of interest to investors and Toronto sports fans, Rogers Communications (RCI-B.TO) on Wednesday signed an agreement to buy BCE's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion. According to a statement, the BCE-owned Sportsnet network will continue to broadcast 50% of Toronto Maple Leafs regional games in ice hockey and 50% of Toronto Raptors games in basketball controlled by MLSE.
BCE ended the day up 3.3% to $48.52, and was the second-most actively traded stock on the TSX.
Consumer stocks rose Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) increasing 0.2%.
In corporate news, General Mills' fiscal Q3 results declined less than market expectations, while the Cheerios maker reiterated its full-year outlook. The shares rose 1.3%.
Rogers Communications agreed to buy BCE's 37.5% stake in Maple Leaf Sports & Entertainment for $4.7 billion Canadian dollars ($3.48 billion). Rogers shares fell 1.6% and BCE gained 2.9%.
Amazon.com is boosting hourly wages for warehouse workers by at least $1.50 as part of a $2.2 billion package for total pay increases. The stock eased 0.1%.
The Toronto Stock Exchange was down nearly110 points at noon on Wednesday. The energy sector is the biggest decliner, down 0.9%.
Healthcare and telecoms are the biggest gainers, up 2.1% and 0.45%, respectively.
Today's marquee event is the Fed's policy pronouncements, the Federal Open Market Committee's statement and the Summary of Economic Projections with its 'dot plot' (at 2pm ET), along with Chair Powell's press conference (at 2:30pm ET). BMO Economics reckons it's close to a coin flip whether the Fed cuts the target range for the fed funds rate by either 25 bps or 50 bps. It laid out a case for both.
BMO said there will likely be at least one dissent. In the event of a 25 basis point cut, dissent in favor of 50. In the event of a 50bps cut, dissent in favor of 25. BMO added: "We reckon there won't be any dissents in favor of not cutting. And, apart from 25 or 50 this meeting, we'll be scouring the pronouncements (particularly the dot plot and presser comments) for clues to the contours of the coming rate cut campaign."
On the Canadian docket, BMO's Benjamin Reitzes said the Summary of Deliberations from the BoC's September 4 policy meeting, which saw a third consecutive 25 bp rate cut, will be scoured for any clues on what it would take to prompt more aggressive easing. Reitzes noted the economic backdrop has been "consistently soft", but said he will be watching for the level of concern around the weak start to third quarter relative to the Bank's optimistic forecast. "There's been a clear shift in the BoC's tone to be more symmetrical on medium-term inflation risks, and any further shift toward concern about downside risks will be notable," he added.
The summary will be released at 1:30 p.m. Eastern time.
Macquarie has reiterated its view that the Fed will cut by 25bps, and it expects the Fed's message to be dovish.
In terms of stock news, a big one today for sports fans across Canada, but particularly those in Toronto, involves Rogers Communications (RCI-A.TO, RCI-B.TO) on Wednesday signing an agreement to buy Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion. According to a statement, Sportsnet will continue to broadcast 50% of Toronto Maple Leafs regional games in ice hockey and 50% of Toronto Raptors games in basketball controlled by MLSE.
BCE is up 2.7% to $48.195, and is the most actively traded on the TSX, with 5.47 million shares changing hands. Rogers is down 1.8% to $54.51.
BCE Inc. (BCE) is currently at $35.77, up $1.26 or 3.65%
All data as of 10:28:51 AM ET
Source: Dow Jones Market Data, FactSet
The Toronto Stock Exchange is down 76 points Wednesday mid-morning on mixed sectors. The energy sector is the biggest decliner, down 1%.
Healthcare and telecoms are the biggest gainers, up 0.8% and 0.45%,respectively.
Today's marquee event is the Fed's policy pronouncements, the FOMC's statement and the Summary of Economic Projections with its 'dot plot' (at 2pm ET), along with Chair Powell's press conference (at 2:30pm ET). BMO Economics reckons it's close to a coin flip whether the Fed cuts the target range for the fed funds rate by either 25 bps or 50 bps. It laid out a case for both.
BMO said there will likely be at one dissent. In the event of a 25 basis point cut, dissent in favor of 50. In the event of a 50bps cut, dissent in favor of 25. BMO added: "We reckon there won't be any dissents in favor of not cutting. And, apart from 25 or 50 this meeting, we'll be scouring the pronouncements (particularly the dot plot and presser comments) for clues to the contours of the coming rate cut campaign."
On the Canadian docket (at 1:30pm ET), BMO's Benjamin Reitzes said the Summary of Deliberations from the BoC's September 4 policy meeting, which saw a third consecutive 25 bp rate cut, will be scoured for any clues on what it would take to prompt more aggressive easing. Reitzes noted the economic backdrop has been "consistently soft", but said he will be watching for the level of concern around the weak start to third quarter relative to the Bank's optimistic forecast. "There's been a clear shift in the BoC's tone to be more symmetrical on medium-term inflation risks, and any further shift toward concern about downside risks will be notable," he added.
Macquarie has reiterated its view that the Fed will cut by 25bps, and it expects the Fed's message to be dovish.
In terms of stock news, a big one today for sports fans across Canada, but particularly those in Toronto, involves Rogers Communications (RCI-A.TO, RCI-B.TO) on Wednesday signing an agreement to buy Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion. According to a statement, Sportsnet will continue to broadcast 50% of Toronto Maple Leafs regional games in ice hockey and 50% of Toronto Raptors games in basketball controlled by MLSE.
BCE is up 3.8% to $48.70, and is the most actively traded on the TSX, with 3.9 million shares changing hands. Rogers is down 2% to $54.33.
Investing in top-quality, high-yielding dividend stocks can be a reliable way to generate consistent income, especially during uncertain economic times. Many companies that offer resilient dividends provide stable payouts and increase them over time, ensuring that investors benefit from a growing stream of cash flow.
Notable among these are Capital Southwest and BCE , both of which boast a dividend yield exceeding 8% and a strong track record of consistent dividend payments.
These companies have proven the resilience of their payouts by maintaining or even enhancing dividends, regardless of market conditions. Let’s delve deeper to understand why these stocks are a buy right now.
Capital Southwest Stock
Capital Southwest Corporation is a business development company (BDC) that focuses on providing debt and equity financing to lower middle-market (LMM) companies. This unique niche allows CSWC to tap into an underserved segment of the market, generating steady returns through a combination of current income from its debt investments and potential capital gains from equity stakes. These earnings support the company’s consistent dividend payouts.
Capital Southwest's focus on LMM companies gives it an edge in the marketplace. These businesses often face limited access to capital and offer strong growth opportunities. By spreading its investments across various industries, regions, and markets, CSWC diversifies its portfolio, reducing risk and enhancing its overall return potential.
One of CSWC's highlights is its strong dividend track record. Recently, the company increased its regular quarterly dividend by 1.8% to $0.58 per share and announced an additional supplemental dividend of $0.06 per share. This demonstrates Capital Southwest’s commitment to returning value to its shareholders.
In addition to dividend growth, Capital Southwest has been expanding its total assets base and benefiting from improved operating leverage. Large investment opportunities in the LLM segment and enhanced operational efficiency strengthen the company’s foundation for future earnings growth and dividend payments.
Capital Southwest Corporation stock has a “Moderate Buy” consensus rating from analysts. At the same time, it offers a dividend yield of over 10%, making it an attractive option for investors seeking steady income.
BCE Stock
BCE is Canada’s leading communications company, listed on both the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). BCE offers a broad range of telecommunications services and is a dominant player in the Canadian market, particularly in Internet, television, and wireless services.
On Feb. 8, 2024, BCE announced a 3.1% increase in its annual dividend. This marks the 16th consecutive year the company has raised its dividend — a testament to its solid financial position and commitment to delivering value to its shareholders. For income-focused investors, this consistent dividend growth, paired with a high yield of over 8%, makes BCE an attractive stock to consider.
BCE’s vast wireline and wireless networks and multiple distribution channels give it a significant edge over competitors. The company is well-positioned to capitalize on the future growth potential of integrated wireless and wireline solutions.
Beyond telecom, BCE is transforming into a tech services and digital media company. It has expanded its offerings in cloud services, security, and managed automation, which has contributed to strong revenue growth in its business solutions segment. In addition, the company is gaining traction in 5G and Internet of Things (IoT) business-to-business (B2B) solutions, as seen in the increase in mobile-connected device activations. On the media side, BCE’s advanced advertising technology is driving digital ad revenue, adding another layer of growth potential.
BCE continues to grow not just organically, but also through strategic acquisitions, which will accelerate its revenue growth rate and strengthen its dividend payout potential.
While analysts currently give BCE a “Moderate Buy” rating, its history of dividend growth, attractive yield, and future growth prospects make it a solid pick for income-focused investors.
Bottom Line
These stocks provide both high yields and consistent dividend growth, offering a reliable income stream for investors looking to secure their financial future. Whether it’s Capital Southwest’s niche market strength or BCE’s expansion into tech and media, these companies are well-positioned to deliver value for years to come.
On the date of publication, Sneha Nahata did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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