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Canada’s Toronto Stock Exchange (TSX) witnessed the impact of a higher inflation rate on Thursday, June 17, leading to its benchmark S&P /TSX Composite Index plunging nearly 87 points or 0.43 per cent to 20,144 points.
The S&P/TSX Venture (TSXV) Composite, key index of the junior Canadian exchange, also stumbled due to the inflation and dropped by 14.26 points or 1.482 per cent to 948.1 points.
The Statistics Canada revealed on Wednesday that the country’s Consumer Price Index (CPI) soared by 3.6 per cent in May on an annual basis, steepest in a decade.
Despite the market sentiments, information technology index surged 3.585 per cent to 371.37 points. The telecom sector also improved by 0.477 per cent to 191.59 points. Other indices traded in the red territory.
Payfare Inc. (TSX:PAY), Indigo Books & Music Inc. (TSX:IDG), Score Media and Gaming Inc. (TSX:SCR), and NXT Energy Solutions Inc. (TSX:SFD) were the top gainers, all posting double-digit gains. The leading e-commerce firm Shopify (TSX:SHOP) was up more than seven per cent.
Weaker gold and oil prices caused a massive downward trend in stocks related to commodities. The top laggards include Goldgroup Mining Inc. (TSX:GGA), Xanadu Mines Ltd. (TSX:XAM), Scandium International Mining Corp. (TSX:SCY), and Nevada Copper Corp. (TSX:NCU). Most mining traded in red on Thursday.
Leading Canadian gold producer Barrick Gold Corporation’s (TSX:ABX) fell by 5.667 per cent to C$ 25.97 apiece on Thursday.
US Stock Markets
Across the border, Wall Street investors’ sentiments switched to bearish mode after the Fed announced five per cent inflation rate. The NYSE Composite tumbled 131 points or 0.793 per cent to 16,411.65 points.
Dow Jones Industrial Average declined as much as 210 points or 0.62 per cent to 33,823.45 points.
The S&P 500 was marginally down by nearly two points or 0.044 per cent to 4,221.86 points.
However, NASDAQ Composite was up over 121 points or by roughly one per cent to 14,161 points.
Commodities
Gold Futures slumped 4.65 per cent to US$ 1,774.80 per troy ounce on Thursday, June 17.
Crude Oil WTI Futures were down 1.54 per cent after hitting this year’s high of US$ 72.15 a barrel. In the same line, Brent Oil Futures also decreased by 1.76 per cent to US$ 73.08 a barrel.
Forex & bond yields
The Canadian dollar closed 69 basis points (bps) down to USD 0.8087 against the US dollar. Canada's 10-year bond yield was down 18 bps to 1.397 per cent. Meanwhile, the 10-year bond US yield was at 1.49 per cent, down 1.36 per cent.
Cryptocurrency Market
Top digital tokens Bitcoin & Ethereum remained under bull-trap and declined five per cent and nearly six per cent over 24-hours (recorded at 6 AM EST), respectively. Bitcoin was trading at US$ 37,526 apiece, and Ethereum was at US$ 2,300 per token.
