Canada's main stock, the Toronto Stock Exchange, lost gains early on Wednesday morning and again early in the afternoon before finally closing out the session down 75 points, with more than half of those losses coming over the final hour.
While declines here today weren't as bad as those for US equity markets, which also succumbed to strong late selling pressure, this does come after the TSX lost near 260 points yesterday, which cancelled out gains made over the two sessions prior to that. And the declines leave the TSX 600 points shy of all time record highs hit in early November 2021, having recently cut that gap to half that.
Losses for the resources heavy index Wednesday may have been capped because of higher commodity prices, like oil and silver and gold. Among sectors, Materials was up 4.2%. And within Materials, silver stocks took gold, with First Majestic (FR.TO) leading the way in closing up 12%, and Pan American (PAAS.TO) rising 9.5%.
Of commodities, gold rose to a two-month high on Wednesday as bond yields eased off two-year highs and the US dollar weakened. Gold for February delivery closed up $30.80 to US$1,843.20 per ounce, the highest since Nov.18.
And West Texas Intermediate crude oil rose to fresh seven-year highs after the International Energy Agency (IEA) raised its demand forecast for 2022, saying it expects demand to reach pre-pandemic levels this year with a 3.3-million barrel per day increase. WTI crude for February delivery closed up $1.53 to US$86.96 per barrel, Marketwatch reported, the highest since October, 2014. March Brent crude, the global benchmark, was last seen up $0.84 to US$88.35 while Western Canada Select was up $0.40 to US$72.11 per barrel.