The Toronto Stock Exchange (TSX) has closed above 22,000 points for the first time, powered by ongoing gains in energy and base metal stocks.
The record close on the TSX coincided with the Canadian dollar notching its highest level in two months, closing near $0.80 per U.S. dollar.
Ongoing geopolitical tensions, with the war in Ukraine approaching the one-month mark, have driven crude oil and commodity prices higher.
Crude oil prices soared towards $110 U.S. per barrel as leaders from Poland and the Netherlands discussed further sanctions on Russia for its war against Ukraine, including banning imports of Russia’s oil and gas and closing European ports to Russian ships.
The energy sector led the TSX higher yesterday (March 21), gaining 4.3% as crude oil prices rose 6.7% on international markets. The May crude oil contract was up $6.88 U.S. at $109.97 U.S. per barrel and the April natural gas contract was up 3.7 cents U.S. at $4.90 U.S. per mmBTU.
Material stocks were helped by gold rising. The April gold contract was up 20 cents U.S. at $1,929.50 U.S. an ounce and the May copper contract was down 2.9 cents at $4.71 U.S. per pound.
Increases by the energy, materials, financials, and industrials sectors, which together account for nearly 60% of the TSX index, pushed it up 1,190.66 points to 22,009.13, a new record.
Higher crude oil prices lifted the Canadian dollar to its highest level since January 21 of this year. The loonie traded for 79.41 cents U.S., according to the Bank of Canada.
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