TORONTO: Canada’s main stock index rose on Wednesday, led by gains for technology and financial shares, as a pull-back in commodity prices encouraged investors to take on more risk.
The Toronto Stock Exchange’s S&P/TSX composite index ends up 261.20 points, or 1.2%, at 21,493.23, its highest closing level since Feb. 15.
“Risk-on has come back into the market,” said Mike Archibald, a portfolio manager at AGF Investments.
“Headlines have been floating out for a good chunk of the day that there may be some negotiated options between Ukraine and Russia. It remains to be seen whether or not that turns out to be the case.”
US stocks also climbed, led by financial and technology shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors gauged developments in the Ukraine crisis.
“There are some buyers stepping into all of the sectors that have seen a little bit of pressure here recently,” Archibald said.
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