The Toronto Stock Exchange’s S&P/TSX composite index ended up 318.09 points, or 1.5%, at 21,031.81, its highest closing level since May 4.
The Toronto Stock Exchange also ended sharply higher, led by some megacap growth stocks, in a choppy session ahead of the release of a key jobs report on Friday that could offer clues as to the pace of gains. Federal Reserve interest rate.
Some technical indicators and the gains of some riskier asset classes are signaling that “the market is doing a reasonable measure of discounting all the bad news out there and looking to the future,” said Robert McWhirter, chairman and manager. manager at Selective Asset Management Inc.
Investors are grappling with rising inflation and a possible economic slowdown, although the Toronto market has outperformed many other major benchmarks this year due to its heavy weighting in commodity-related stocks.
The materials group, which includes precious and base metal miners and fertilizer companies, gained 3.6% on higher gold and copper prices, while industrials ended up 3.6%. 2.6%.
Shares of e-commerce giant Shopify Inc soared 9.6%, helping lift the tech sector 3.4%.
Energy gave up some recent gains, ending down 0.3% as OPEC+ agreed to increase crude output to offset lower Russian production.
Oil ended up 1.4% at $116.87 a barrel.