By Ketki Saxena
Investing.com — In Toronto, the S&P/TSX Composite Index closed the day at 21,771.22 points, or up 1.41% in the day’s trading. Gains were primarily in the energy sector, with the Canadian Energy Index up 3.54% as both crude oil and natural gas surged today.
The metals and mining sector also led Canada’s benchmark index higher. The global mining index was 1.95% higher at the close today, driven by across the board gains in metals including silver, gold, copper, and palladium.
Most TSX sectors closed in the green today, including consumer discretionary (+0.45%), financials +0.60%), and industrials (0.65%).
Today’s TSX Market Movers
The biggest gainers of the session included Lightspeed Commerce Inc (TSX:LSPD), which rose 15.85% or 4.78 points to trade at $34.94 at the close. Energy Fuels Inc. (TSX:EFR) added 13.58% or 1.43 points to end at $11.96 and Denison Mines Corp (TSX:DML) was up 10.16% or 0.19 points to $2.06.
Biggest losers included Premium Brands Holdings Corporation (TSX:PBH), which lost 1.96% or 2.07 points to trade at $103.75 in late trade. Descartes Systems Group Inc (TSX:DSG) declined 1.88% or 1.82 points to end at $94.86 and goeasy Ltd (TSX:GSY) shed 1.73% or 2.33 points to $132.19.
In bonds and currencies
The CAD/USD pair was 0.46% higher today, at USD $0.79 to a loonie. Bond yields were higher as investors sold treasuries to capitalize on a rate hike that was long long-priced in, and less aggressive than it could or should have been.
Yields on the benchmark U.S. 10 year treasuries were higher at 2.19%. Yields on Government of Canada bonds were also higher, with GoC 10 year and 5 year treasury yields up at 2.21% and 2.04% respectively.
In commodities
Metals
Gold prices rose 1.47% today to $1,937/ounce as investors consider the likely longevity of the Russia-Ukraine crisis, and digested the news of yesterday’s hike. The Fed’s 25 basis point hike to 0.50% was as expected but likely less aggressive than needed to counter soaring inflation. The ongoing political crisis in Europe, and lingering fears of inflation keep gold’s appeal alive as a safe haven and inflation hedge.
Silver also continues to rise on inflation concerns, and was up 3.04% so far today.
Copper was up 2.21% reinforced by forecasts of strong economic growth from the Fed. Copper is considered a bell-weather for the global economy due to its use in most sectors and industries.
{{8883|Palladium}} was up 6.02% today near all-time highs, with supply concerns now returning as the Russia-Ukraine peace talks seem to achieve no consensus.
{{959208|Nickel} was down 5.18% today after reaching all-time highs last week, and a disorganized halt and reopening on the LME.
Energy
Crude oil: As of 4:00 p.m ET, WTI was at $103.35, or up 8.74% so far today, while Brent was at $106.69, or up 8.85%. Both benchmarks gained from continued Russia-Ukraine volatility, particularly after the International Energy Agency announcement today that 3 million barrels per day (BPD) of Russian oil and products could be shut in from next month. The projected loss is nearly triple the 1 million BPD drop in demand anticipated from higher fuel prices and factors such as lockdowns in China.
Natural gas was at $4.94, up 4.04% in the day’s trading as of 4:00 p.m ET. Prices continue to rise on Russian supply concerns, despite partial regulatory approvals for the U.S. to export capped quantities of LNG, including to Europe. The surge in natural gas prices was bolstered by the EIA’s weekly inventory report, which today reported a withdrawal of 79 Bcf natural gas from storage for the week ended March 11.