TORONTO: Canada’s main stock index rose on Wednesday, as global sentiment was lifted by modest sanctions by Western nations on Moscow, with investors eyeing the next move in the Russia-Ukraine conflict.
At 9:45 a.m. ET (14:45 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 70.12 points, or 0.34%, at 20,977.94. The index is on pace to snap a four-day losing streak. Energy shares led gains with a 1.6% rise, despite oil prices retreating from the seven-year highs hit the previous day. Western nations slapped new sanctions on Russia on Tuesday for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion.
Meanwhile, Canadian Prime Minister Justin Trudeau on Tuesday announced a first round of economic sanctions on Russia. Global stocks rose and demand for safe-haven assets waned on Wednesday as analysts said the sanctions on Russia were less severe than feared.