Banks Lead TSX Higher As Borrowing Costs Rise -- Canadian Commentary

(RTTNews) - Canadian stocks nudged higher Thursday, holding steady after big losses in the previous session.

Traders booked profits yesterday after the Federal Reserve lifted U.S. interest rates and predicted three more rate hikes in 2017.

The S&P/TSX Composite Index rose 21.13 points, or 0.14 percent, to 15,218.31, staying near a 19-month high set earlier in the week.

Banks performed quite well today, as reflected in a 0.75 percent gain in the Financial Index.

The Bank of Montreal (BMO.TO) agreed to a no-contest settlement with the Ontario Securities Commission over excess fees.

TD Bank (TD.TO) raised 30-year mortgage rates for the third time this month.

Energy stocks also rose fractionally despite crude oil prices slipping near $50 a barrel.

Gold stocks plunged 3.3 percent, as the prices of gold dropped to the lowest since February.

Toronto Transit expressed concerns that Bombardier (BBD.B.TO) will miss its streetcar deliver schedule, BNN reports.