Canada’s main stock index rose on Wednesday as soaring oil prices drove energy shares higher, and in a move to curb soaring inflation, the Bank of Canada raised its key overnight interest rate for the first time in more than three years. Financials and Industrials led the gainers while energy shares resumed their march higher as Brent crude jumped to a near eight-year high after Western sanctions disrupted transport of commodities exported by Russia.
After a rough start to the week, and even a red open this day, US stock indexes also rose as Federal Reserve Chair Jerome Powell signaled the central bank would start raising rates this month despite uncertainties stemming from the Ukraine crisis.
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The Canadian dollar traded for 78.90 cents US compared with 78.84 cents US on Tuesday.
Crude oil prices were up 8.14 to $11.50.
The price of gold was down 10.70 to $1,925.60.
In world markets, the Nikkei was down 451.69 points to 26,393.03, the Hang Seng was down 417.79 points to 22,343.92, the FTSE was up 99.36 points to 7,429.56, and the DAX was up 95.26 points to 14,000.11.
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