TSX ends up up 23.04 points at 21,148

The TSX ended up up 23.04 points, or 0.1%, at 21,148. TORONTO, Nov 29, Reuters -- Canada's main stock index rebounded on Monday, led by resource stocks, as investors became more comfortable with the risks that the Omicron coronavirus variant could pose to the global outlook.

The Toronto Stock Exchange's S&P TSX composite index ended up 23.04 points, or 0.1%, at 21,148. The index posted its largest decline in more than a year on Friday, as investors were stricken by the news of the new, possibly vaccine-resistant variant.

Cooler heads are prevailing, said Allan Small, senior investment adviser of Allan Small Financial Group with iA Private Wealth. We're acclimatized to this kind of thing. I think that's what you are seeing in the markets today. As investors waited for more details to judge the severity of the variant on the world economy, sentiment in global markets improved.

The energy sector climbed 1.3%, thanks to a rebound in oil prices, as investors believed that Friday's slump in crude was overdone.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.3%.

The Toronto market's record-breaking rally paused in the last few weeks as weakness in commodities and concerns around COVID 19 resurgence in Europe hindered sentiment.

Consumer discretionary stocks and miners are leading the index to gain, and the index is on track to end the month in positive territory.

After Canada Energy Regulator CER rejected the plan, Enbridge fell 2.1% to a three-month low. com business energy canadian-regulator rejects-enbridge plan-contract oil-pipeline space- 2021 -- 11 -- 26 to offer a long-term contract to carry crude oil on the country's biggest oil pipeline.

Investors are waiting for bank earnings this week to find out more about dividends and buybacks. Financial institutions were granted approval by Canadian regulators to return more capital to shareholders earlier this month.

The Canadian third quarter GDP data is due on Wednesday, which could give clues on the strength of the domestic economy.