TSX ends up up 64.60 points, or 0.3%, at 21,357. The index gained 1.3% for the week.
TORONTO, Jan 14 Reuters -- Canada's main stock index rose on Friday, adding to the week's rally, as technology shares found some relief and higher oil prices boosted the attractiveness of the energy sector.
The Toronto Stock Exchange's S&P TSX composite index ended up 64.60 points, or 0.3%, at 21,357. The index was up 1.3% for the week, ending a two-week losing streak.
Mike Archibald, a portfolio manager at AGF Investments, said that the volatility in 2022 is continuing both to the downside and the upside.
Some parts of the market, like technology and industrials, are extremely oversold, Archibald said. There is going to be a bounce in some of that stuff. After posting its lowest closing level since May 2021, the technology group went up by 0.6%. It included a 3.7% gain for Shopify Inc, helped by a spurt in the final hour of trading.
Energy shares went up 2.9% as oil added to recent gains. U.S. crude oil futures ended up 2.1% higher at $83.82 a barrel on supply constraints and concerns of a Russian attack on neighboring Ukraine.
The Toronto market gained 22% in 2021, its best yearly performance since 2009, supported by massive stimulus, vaccine rollouts and hopes of a global economic recovery.
The index lost steam recently because investors were worried about the prospect of a more hawkish U.S. Federal Reserve this year.
Financials, the most heavily weighted sector on the TSX, ended 0.3% higher on Friday, while the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5%.