Toronto market ends losing streak as dip buyers emerge

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sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo

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  • TSX ends up 17.76 points, or 0.1%, at 20,761.93
  • Technology rallies 4%; industrials end 1.3% higher
  • Energy gains 0.6% as oil trades above $100 a barrel
  • Financials fall 1.5%

TORONTO, Feb 24 (Reuters) - Canada's main stock index rose on Thursday, recovering from steep declines earlier in the day as Russia invaded Ukraine, with gains led by beaten-down technology shares.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 17.76 points, or 0.1%, at 20,761.93, its first higher close in six trading days.

The Nasdaq and S&P 500 ended sharply higher in a dramatic reversal from the start of the session as U.S. President Joe Biden unveiled harsh new sanctions against Russia. read more

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"Dip buyers are looking at falling real yields and companies that still have reasonable growth and valuation outlooks," Edward Moya, senior market analyst at Oanda, said in a note.

The technology group on the TSX rebounded from its lowest intraday level since November 2020 to end 4% higher, while industrials added 1.3%.

The Toronto market has fallen 2.2% since the start of the year which is much less than major U.S. indexes.

"Canada may be cushioned a little bit because it has a lot of gold producers, a lot of energy producers," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Energy gained 0.6% as the attack on Ukraine exacerbated concerns about disruptions to global energy supply. U.S. crude oil futures traded above $100 for the first time since 2014 before settling 0.8% higher at $92.81.

Royal Bank of Canada (RY.TO), the most valuable company on the TSX, kicked off Canadian lenders' first-quarter results with a stronger-than-expected 6% rise in adjusted earnings, driven by wealth management and loan growth. read more

Still, its shares fell 2.1%. The financials group was down 1.5%.

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Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; editing by Diane Craft

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