Dec 1, Reuters- Canada's main stock index rose as energy stocks gained on a stronger oil price and as concerns around the new coronavirus variant Omicron eased.
The Toronto Stock Exchange's S&P TSX Composite Index was up 224.87 points, or 1.09%, at 20,884. It posted its biggest decline since October 2020, 86, a day after it posted its biggest decline since October 2020.
The energy sector went up 1.9% with oil prices rising more than 3% as major producers prepared to assess the threat posed by the new Omicron variant of the coronaviruses to energy demand.
Canadian markets rebounded with the markets around the world and we're heading for a relief rally in December. Colin Cieszynski, chief market strategist at SIA Wealth Management said the price of oil is bouncing back as well, which has helped the Canadian market today.
As investors used the dip in prices to bet the latest COVID 19 variant would not derail the economic recovery, global equity rose, reversing much of the previous session's losses.
The financials sector, which account for around 30% of the Toronto market's value, gained 1.3%.
The sub-index was limited by National Bank of Canada, down 2.1%, as its earnings fell short of analysts' estimates despite fourth-quarter profit rising and the lender raising dividends.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7% as gold futures rose 0.7% to $1,785. An ounce is 6 an ounce.
Domestic manufacturing activity increased at a slightly slower, but still robust pace in November, as production accelerated despite severe supply bottlenecks, data showed.
The TSX posted no new 52 week high or low.
There were six new 52 week highs and 11 new lows across Canadian issues, with total volume of 47.22 million shares.