Canada’s main stock index closed higher on Tuesday tracking gains in crude oil prices, as traders expect that the worst could be over for the global financial system. While the mining, utilities, and telecom sectors rose, the health care, financial, and tech sectors moved lower.
As fears persist over monetary tightening and the state of the global banking sector, the TSX is on course for a second straight month of losses in March. Canada’s Finance Minister presented this year’s budget to parliament, focusing on inflation and a clean economy.
US markets ended in the red and the NASDAQ sustained losses as a jump in rates put pressure on the tech-heavy index. However, traders were receptive to news of First Citizens’ plan to buy a large portion of Silicon Valley Bank. Prices for the 10-year Treasury slipped, raising yields to 3.55 per cent.
Today in the Markets
The Canadian dollar traded for 73.56 cents US, compared to 73.16 cents US on Monday.
US crude futures traded $0.59 higher at $73.40 a barrel, and the Brent contract gained $0.68 to $78.80 a barrel.
The price of gold was up 21.20 to US$1,975.00.
In world markets, the Nikkei was up 41.38 points to 27,518.25, the Hang Seng was up 216.96 points to 19,784.65, the FTSE was up 17.13 points to 7,488.90, and the DAX was up 16.46 points to 15,144.14.
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