Toronto market ends losing streak as dip buyers emerge

2 minute read

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

Register now for FREE unlimited access to Reuters.com
  • 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

Register now for FREE unlimited access to Reuters.com

"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%.

Register now for FREE unlimited access to Reuters.com
Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; editing by Diane Craft

Our Standards: The Thomson Reuters Trust Principles.