Canada's main stock index posted on Friday its biggest gain in seven months as the passing of the US debt ceiling bill boosted investor sentiment, with energy and financial shares among the biggest winners in a broad-based rally, reports Reuters.
The Toronto Stock Exchange's S&P/TSX composite index ended up 352.38 points, or 1.8 per cent, at 20,024.63, its biggest advance since November 2022. For the week, it was up 0.5 per cent.
US stocks also rallied after a labor market report showed moderating wage growth in May, indicating the Federal Reserve may skip a rate hike in two weeks, and as investors cheered a Washington deal to lift the US debt ceiling, avoiding a catastrophic default.
"It is all these little factors that the market is holding on to, looking for any reason to be bullish and they're finding it," said Philip Petursson, chief investment strategist at IG Wealth Management.
"It's definitely risk-on today."
The energy sector rallied 2.8 per cent as oil settled 2.3 per cent higher at $71.74 a barrel ahead of a meeting of OPEC and its allies this weekend.
Suncor Energy Inc was up 3.2 per cent after the company told employees it plans to cut 1,500 jobs this year.
© 2024 - All Rights with The Financial Express
