TSX rises to three-week high as technology shares rally
By Ragini Mathur and Fergal Smith
(Reuters) -Canada’s main stock index rose on Wednesday to a three-week high, led by gains for technology shares, as investors globally grew hopeful of reduced trade tensions between the United States and China.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 166.70 points, or 0.7%, at 24,472.68, its highest closing level since April 2.
Wall Street stocks also climbed after U.S. Treasury Secretary Scott Bessent said high tariffs between the U.S. and China were unsustainable and on reduced fears that the Federal Reserve could lose its autonomy.
“Markets are not being controlled by fundamentals for now,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
“It’s not based on fact, it’s primarily based on what comes out of the White House.”
The technology sector climbed 3.3%, with shares of e-commerce company Shopify Inc adding 6.6%.
Industrials rose 0.9% and heavily weighted financials ended 1% higher.
Energy was a drag, falling 0.7%. The price of oil settled 2.2% lower at $67.27 a barrel as sources said OPEC+ would consider accelerating its oil output increases in June.
An unusual consensus around energy policy has emerged in the campaign ahead of Canada’s April 28 election, with the two main candidates both promising to fast track energy projects to diversify oil exports away from the United States.
The materials group, which includes metal mining shares, also ended lower, falling 0.9%, as copper prices fell and gold pulled back from a record high.
Rogers Communications posted lower-than-expected quarterly subscriber additions as it grappled with a pricing war and strict immigration practices. Its shares lost 0.8%.
(Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed and Alistair Bell)