Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started
Energy shares help Toronto market to relief rally
Published Mar 20, 2023 07:50AM ET
Updated Mar 20, 2023 05:06PM ET
© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren
By Fergal Smith
(Reuters) - Canada's main stock index rose on Monday, helped by gains for resource and financial shares, as some calm returned to global financial markets after the turmoil in the banking sector.
The Toronto Stock Exchange's S&P/TSX composite index ended up 131.71 points, or 0.7%, at 19,519.43.
U.S. stocks were also higher on hopes that UBS Group AG (SIX:UBSG)'s takeover of Credit Suisse Group AG will avert a wider banking crisis and as investors weighed the likelihood of a pause in interest rate hikes from the Federal Reserve this week.
"The resolution to the Credit Suisse challenges over the weekend ... That has helped to set a calm over equity markets," said Philip Petursson, chief investment strategist at IG Wealth Management.
"There is little bit more of an optimistic attitude to equities just on a relief rally ... following a very hellish week that we had last week."
The TSX was down nearly 2% last week after losing 3.9% the week before.
The financial sector, which accounts for nearly 30% of the TSX's weighting, added 0.5% on Monday, while energy was up 2.9% as oil rebounded from a 15-month low. U.S. crude oil futures settled 1.4% higher at $67.64 a barrel. [O/R]
Canada's top six lenders have ample liquidity and manageable credit risks which will help them to emerge largely unscathed from the crisis of confidence that has rocked global banks over the last two weeks, analysts said.
Finance Minister Chrystia Freeland said Canadian financial institutions had the capital needed to weather periods of turbulence and that Ottawa was closely monitoring the global financial industry.
The materials sector, which includes precious and base metals miners and fertilizer companies, gained 0.8%.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.