Canada’s main stock index surged in Wednesday trading thanks to growth among tech and financial shares. The broad gain soon turned into a split performance among indices by the closing bell. National Bank of Canada (TSX:NA) lost 5.8 per cent after announcing its intent to acquire rival Canadian Western Bank (TSX:CWB) for C$5 billion.
American consumer prices data indicated easing inflation and the U.S. Federal Reserve moved to keep its key interest rate unchanged at roughly 5.3 per cent. Wall Street markets rallied early, but fizzled out after a slowdown in May’s inflation, which sent yields tumbling.
The Canadian dollar traded for 73.84 cents U.S. compared with 72.70 cents U.S. on Tuesday.
U.S. crude futures traded $0.46 higher at $78.36 a barrel, and the Brent contract added $0.53 to $82.45 a barrel.
The price of gold was up US$8.71 to US$2,322.46.
In world markets, the Nikkei was down 258.08 points to 38,876.71, the Hang Seng was down 238.50 points to 17,937.84, the FTSE was up 67.67 points to 8,215.48, and the DAX was up 260.92 points to 18,630.86.
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(Top photo AI generated stock image.)