A mostly-broad rally led by materials and technology pushed Canada’s main stock index significantly higher on Thursday. A weakening U.S. dollar caused a boost in gold prices, but inflation worries continue to remain on investors’ minds after the Bank of Canada hiked interest rates.
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Healthcare shares saw a muted rise as it fended off weakness in pot producers Canopy Growth and Aurora Cannabis, both of which fell.
Despite closing 2 per cent higher, shares of Microsoft fell early after the company lowered its profit forecast, offsetting relief on Wall Street from a pullback in oil prices that eased worries about rising inflation.
U.S. markets overcame a mixed open to close higher, despite fears around the impact of interest rate hikes, the Ukraine conflict, supply chain snarls and higher Treasury yields.
Traders digested new economic data that showed the country’s manufacturing sector grew in May.
| TSX | 21,031.81 | +318.09 |  |
| TSXV | 728.47 | +16.67 | |
| CSE | 322.08 | +2.67 | |
| DJIA | 33,248.28 | +435.05 | |
| NASDAQ | 12,316.90 | +322.44 | |
| S&P 500 | 4,176.82 | +75.79 | |
The Canadian dollar traded for 79.52 cents U.S. compared to 79.15 cents US on Wednesday.
U.S. crude futures traded 2.25 per cent higher at $117.50 a barrel, while the Brent contract rose 1.66 per cent to $118.20 a barrel.
The price of gold was up 23.46 to $1,869.63.
In world markets, the Nikkei was down 44.01 points to 27,413.88 the Hang Seng was down 212.81 points to 21,082.13 the FTSE remained at 7,532.95, and the DAX was up 144.70 points to 14,485.17.
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