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Following a new round of restrictions announced at a meeting of G7 leaders capping prices on the sale and purchase of Russian oil, Canada’s commodity-heavy main stock index came out of the gate strong on Tuesday, supported by gains in rising crude. However, these gains were cut short by close, as the heavyweight industrial sector closed in the red, with the technology and telecom sectors posting losses.

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A 4.5 point drop sharp drop in consumer confidence exposed the risks from rising inflation and took its toll on U.S. markets, leaving traders to wonder if the economy can withstand large interest rate hikes by the central bank to stamp out inflation.

The Canadian dollar traded for 77.65 cents US compared to 77.62 cents US on Monday.

Today in the Markets

TSX 19,222.74 -35.58 TSX
TSXV 644.91 -7.45 TSXV
CSE 271.44 -4.72 TSXV
DJIA 30,946.99 -491.27 DJIA
NASDAQ 11,181.54 -343.01 NASDAQ
S&P 500 3,821.55 -78.56 S&P 500

US crude futures traded 1.90 per cent higher at $111.70 a barrel, while the Brent contract gained 2.46 per cent to $117.90 a barrel.

The price of gold was down US$3.64 US to $1,819.87.

In world markets, the Nikkei was up 178.20 points to 27,049.47 the Hang Seng was up 189.45 points to 22,418.97, the FTSE was up 65.50 points to 7,323.82, and the DAX was up 45.75 points to 13,231.82.

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