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Stockhouse @ the Bell: Markets react to Russian energy import ban; Gold over $2k

Stockhouse Editorial
0 Comments| March 8, 2022

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As the energy sector hit its highest in more than five years on soaring oil prices, Canada’s main stock index moved higher on Tuesday, although investors remained cautious as rising energy costs fueled inflationary concerns. Oil prices continued its rally and nickel surged to above $100,000 as investors try to assess the impact of the Russia-Ukraine conflict on the world economy. The Canadian dollar is no longer rising with oil prices, adding to inflation.

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President Joe Biden announced a US ban Russian oil, natural gas, and coal imports. The negative sentiment led to further weakness for markets, with crude oil and natural gas prices continuing to move higher, as Russia hints it may limit energy flows. Commodity prices have jumped to record or multi-year highs as the conflict continues, forcing traders and analysts to re-evaluate their outlook for the global recovery with some now warning of a period of soaring inflation and low growth or recession.

Today in the Markets

TSX 21,232.03 -72.37 Click to enlarge
TSXV 848.85 +8.64 Click to enlarge
CSE 410.81 +8.25 Click to enlarge
DJIA 32,632.64 -184.74 Click to enlarge
NASDAQ 12,795.55 -35.41 Click to enlarge
S&P 500 4,170.70 -30.39 Click to enlarge

The Canadian dollar traded for 77.98 cents US compared with 78.50 cents US on Monday.

Crude oil prices were up 8.85 to $128.30.

The price of gold was up 63.90 to $2,059.80.

In world markets, the Nikkei was down 430.46 points to 24,790.95, the Hang Seng was down 291.76 points to 20,765.87, the FTSE was down 12.45 points to 6,974.69, and the DAX was down 213.45 points to 12,881.09.

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Sherritt International Corporation T.S 871

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