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As the Bank of Canada raised interest rates, the financial sector closed 1.5 per cent higher and with it the TSX Composite Index grew 251.13 points, 1.2 per cent higher, to 21,255.64. The industrial sector and the base metals sector also gained 2.75 per cent, each. Energy was up 0.85 per cent. The key interest rate was raised 0.5 per cent in an effort to tackle inflation.
One-year price chart (March 2). Analysis by © 2022 Kalkine Media®
Volume actives
Suncor Energy Inc saw 20.2 million shares traded, making it the most active stock. It was followed by
Enbridge Inc that saw over 11.5 million shares switch hands, and Great-West Lifeco Inc saw 9.8 million shares traded.
Movers and laggards
Wall Street update
Wall Street too saw a day of decent gains as the Fed’s Chair Jerome Powell, discernibly, sought to calm investors’ nerves by signaling his support for an interest rate hike of 25 basis points in March. The Dow gained 596.4 points, 1.79 per cent, to 33,891.35 and the S&P 500 was up 80.28 points, 1.86 per cent, to 4,386.54 points. Nasdaq’s benchmark grew 219.56 points, 1.62 per cent, to 13,752.02.
Commodities update
Gold lost 1.11 per cent to US$ 1,922.30. Brent oil gained 7.58 per cent and was at US$ 112.93/bbl and crude oil was up 6.95 per cent to US$ 110.60/bbl.
Currency news
The loonie posted a 0.88 per cent gain Wednesday while USD/CAD ended at 1.2628. The US Dollar Index was at 97.39 against the basket of major currencies, down 0.02 per cent.
Money market
The US 10-year bond yield was up 9.49 per cent to 1.878 and the Canada 10-year bond yield was up 6.25 per cent to 1.819.
