CANADA STOCKS-TSX notches 3-week high as Shopify leads rebound in tech shares

CANADA STOCKS-TSX notches 3-week high as Shopify leads rebound in tech shares
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(Adds investor quotes and details throughout, updates prices)

* TSX ends up 261.20 points, or 1.2%, at 21,493.23

* Tech rises 6.2%; Shopify ends 13.6% higher

* Financials advance 2.1%

* Energy falls 3.5% as oil settles down 12.1%

TORONTO, March 9 (Reuters) – Canada’s main stock index rose on Wednesday, led by gains for technology and financial shares, as a pull-back in commodity prices encourage investors to take on more risk.

The Toronto Stock Exchange’s S&P/TSX composite index ends up 261.20 points, or 1.2%, at 21,493.23, its highest closing level since Feb. 15th.

“Risk-on has come back into the market,” said Mike Archibald, a portfolio manager at AGF Investments.

“Headlines have been floating out for a good chunk of the day that there may be some negotiated options between Ukraine and Russia. It remains to be seen whether or not that turns out to be the case.”

US stocks also climbed, led by financial and technology shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors scaled crisis developments in the Ukraine.

“There are some buyers stepping into all of the sectors that have seen a little bit of pressure here recently,” Archibald said.

The technology group climbed 6.2%, after hitting its lowest since November 2020 the day before. It was led by a 13.6% jump in the shares of e-commerce company Shopify Inc.

Heavily-weighted financials advanced 2.1%, while industrials ended 1.7% higher.

The energy group gave back some recent gains, falling 3.5%, as oil prices pulled back from a 14-year high.

US crude prices settled 12.1% lower at $109.70 a barrel after the United Arab Emirates said the OPEC member would support increasing output into a market in disarray because of supply disruptions caused by sanctions imposed on Russia.

Gold fell 2.9% to about $1,993 per ounce, pressing the materials sector. It was down 0.6%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru Editing by Alistair Bell)


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