A drop in energy, tech, and industrial companies brought Canada’s main stock index lower on Wednesday, as investors stepped away from big bets. The mining segment saw growth on the TSX. Barrick Gold (TSX:ABX) stock jumped more than 6 per cent after the miner beat analysts’ estimates for Q4 profit on higher gold prices and increasing production by 15 per cent, with copper production up 33 per cent.
A key US inflation report doused hopes of interest rate cuts by the Federal Reserve this year. Many stocks fell as investors assessed January’s consumer inflation report, which found that consumer prices rose more than expected last month, reviving concern that inflation may return in force.
The Canadian dollar traded for 70.00 cents US compared to 69.99 cents US on Tuesday.
US crude futures traded US$2.00 lower at US$71.32 a barrel, and the Brent contract lost $1.90 to US$75.10 a barrel.
The price of gold was down US$3.41 to US$2,900.90.
In world markets, the Nikkei was up 162.53 points to ¥38,963.70, the Hang Seng was up 563.06 points to HK$21,857.92, the FTSE was up 30.05 points to ₤8,807.44, and the DAX was up 110.20 points to €22,148.03.
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(Top image generated with AI.)