(fxcue news) - The Canadian market closed on a firm note on Wednesday, lifted by gains in materials, energy and technology sectors. The Bank of Canada's decision to lower interest rates by 50 basis points, and expectations of a 25 bps cut by the Federal Reserve next week helped underpin sentiment. The benchmark S&P/TSX Composite Index, which stayed in positive territory right through the day's session, closed with a gain of 153.37 points or 0.6% at 25,657.70, slightly off the day's high of 25,674.74. The Bank of Canada said it decided to reduce its target for the overnight rate by 50 basis points to 3.25%, with the Bank Rate at 3.75% and the deposit rate at 3.25%. The Canadian central bank, which lowered interest rates by 50 basis points in October on the heels of three straight 25 basis point cuts, said the decision to continue slashing rates is intended to support growth and keep inflation close to the middle of the 1-3% target range. The central bank said the need for further rate cuts would be evaluated "one decision at a time." "Our decisions will be guided by incoming information and our assessment of the implications for the inflation outlook," the bank said. "The Bank is committed to maintaining price stability for Canadians by keeping inflation close to the 2% target." The Materials Capped Index climbed more than 2% as several stocks in the sector moved higher on firm metal prices. Novagold (NG.TO), the top gainer in the index, soared more than 9%. Ssr Mining (SSRM.TO) surged 7.7% and Equinox Gold Corp (EQX.TO) rallied 7.1%. New Gold (NGD.TO), Silvercrest Metals (SIL.TO), Iamgold Corp (IMG.TO), Kinross Gold Corp (K.TO), Seabridge Gold (SEA.TO), Alamos Gold (AGI.TO), Aya Gold and Silver (AYA.TO), First Majestic Silver (AG.TO) and Wheaton Precious Metals (WPM.TO) closed up 3.6 to 6.1%. Energy stocks Baytex Energy (BTE.TO), Meg Energy Corp (MEG.TO), Advantage Oil & Gas (AAV.TO), Kelt Exploration (KEL.TO), Tourmaline Oil Corp (TOU.TO), Peyto Exploration (PEY.TO), Arc Resources (ARX.TO), Paramount Resources (POU.TO), Tamarack Valley Energy (TVE.TO), Mattr Corp (MATR.TO) and International Petroleum Corp (IPCO.TO) gained 2 to 3.4%. Technology stock Shopify Inc (SHOP.TO) climbed nearly 3.5%. Celestica Inc (CLS.TO), Sangoma Technologies (STC.TO) and Constellation Software (CSU.TO) gained 2.1%, 1.6% and 1.3%, respectively. Enghouse Systems (ENGH.TO) advanced nearly 1%. Healthcare stock Bausch Health Companies (BHC.TO) tanked 9% after Blackstone decided not to proceed with a joint takeover bid for eyecare company Bausch + Lomb. Communications stocks Telus Corp (T.TO), BCE Inc (BCE.TO), Cogeco Communications (CCA.TO) and Rogers Communications (RCI.B.TO) lost 1 to 2%. Utilities shares Algonquin Power & Utilities (AQN.TO), Hydro One (H.TO), Innergex Renewable (INE.TO) and Canadian Utilities (CU.TO) closed down 1.7 to 2.3%.