Canadian Market Down Again As Oil's Rise Stokes Inflation, Rate Concerns

Canada’s stock market was set to close lower again on Wednesday, pressured across consumer discretionary, financials, industrials and technology, even as materials and energy held up with higher commodity prices. The S&P/TSX Composite Index had fallen to 35,895.32 earlier and was down 114.51 points, or 0.32%, at 36,008.54. Oil’s sharp rise, amid escalating Middle East tensions, is cited as stoking inflation and concerns over interest rate hikes. Shopify was down nearly 5%, while several others including Stantec, WSP Global, Lightspeed Commerce, Aecon, Descartes Systems Group, BRP, SNC Lavalin and Thomson Reuters fell 2%-4%. CGI slipped about 3%. CGI also announced its acquisition of Callibrity, bringing 120 consultants to support its Cincinnati metro presence.