The Canadian equities closed lower at 19,004.04 points after declining 1.3 per cent. The new inflation data report by Statistics Canada appears to have triggered a sell-off in the market.
Canadian inflation jumped to 7.7 per cent in May, which is the largest annual increase in prices for goods and services in almost four decades.
The base metals and energy sectors declined by the most- 5.4 per cent and 5.3 per cent.
One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (June 22). Analysis by © 2022 Kalkine Media®
The most volume active stock on the Toronto Stock Exchange was Voyager Digital Ltd. (TSX:VOYG), as it experienced a heavy sell-off during the trading session on Wednesday. Voyager's 10.54 million shares were traded and recorded a price decline of 52.5 per cent.
As the energy sector dipped significantly, it triggered a sell-off of Baytex Energy Corp. (TSX:BTE) stock and became the second most active stock after declining 12 per cent.
Wall Street Update
After recording significant gains on Tuesday, the US stock markets dipped slightly on Wednesday. The NASDAQ Composite Index declined by 0.15 per cent and closed at 11,053.08 points.
Meanwhile, the S&P 500 dipped by 0.13 per cent to 3,759.89, and DOW Industrials declined by 0.15 per cent to 30,483.13 points.
After declining by around 0.3 per cent on June 21, the Gold Futures for August delivery rose by 0.07 per cent to US$ 1,840.05 per troy ounce. The oil sector declined significantly as the crude oil for August delivery tumbled by 6.1 per cent to US$ 103.88 per barrel.
The August Brent oil fell 2.5 per cent to US$ 111.74 per barrel.
The CAD/USD and CAD/EUR exchange rates remained unchanged at 0.77 and 0.73. Meanwhile, the Futures for the US Dollar Index decreased by 0.23 per cent to 103.97.