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Toronto market weathers recent volatility to notch weekly gain

01/28/2022 | 04:39pm EDT
The facade of the original Toronto Stock Exchange building is seen in Toronto

TORONTO (Reuters) - Canada's main stock index rose by nearly 1% on Friday, ending a week that included some large intraday swings on a positive note as technology shares rallied.

The Toronto Stock Exchange's S&P/TSX composite index ended up 197.64 points, or 0.96%, at 20,741.75.

Wall Street also rallied, after stocks were pressured earlier this week by the prospect of aggressive rate hikes by the U.S. Federal Reserve and rising tensions between Western powers and Russia.

"That's the one thing for this year, we are going to have to deal with volatility," said Paul Gardner, a portfolio manager at Avenue Investment Management.

"It's set up for it because of interest rate movements; you have geopolitical risk; you have Fed risk."

The TSX has rebounded 4.2% since hitting on Monday its lowest intraday level since July last year. For the week, the index was up 0.6%.

Technology shares, which have been among the hardest hit in recent weeks, rallied 4.3%, while energy gained 0.6%, helped by higher oil prices.

Oil notched its highest level in over seven years as ongoing global political turmoil fanned concerns over tight supply. U.S. crude prices settled 0.2% higher at $86.82 a barrel.

Heavily-weighted financial shares rose 0.4% and the industrials group ended 0.8% higher.

The materials sector, which includes precious and base metals miners and fertilizer companies, was a drag. It lost 0.4% as a stronger U.S. dollar weighed on gold.

(Reporting by Fergal Smith; Additional reporting by Ambar Warrick; Editing by Marguerita Choy)

By Fergal Smith

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.02% 0.7796 Delayed Quote.-1.14%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.07% 0.012908 Delayed Quote.-3.95%
S&P 500 -0.81% 3941.48 Real-time Quote.-16.63%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -3.76% 56.375 Delayed Quote.-21.84%
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