TSX extends recovery as resource shares lead broad-based gains

(Updates at market close)

March 17 (Reuters) – Canada’s main stock index rallied for a second straight day on Monday as some investors took the view that the recent selloff in the market was a buying opportunity, with energy and metal mining shares leading broad-based gains.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 231.71 points, or 0.9%, at 24,785.11, extending its rebound from a four-and-a-half-month low on Thursday.

“We got quite oversold,” said Stan Wong, portfolio manager at Scotia Wealth Management. “Not too surprised that we have a little bit of a reprieve in the markets.”

Wall Street also rallied as investors assessed the latest economic data to gauge the impact of the Trump administration’s policies.

U.S. tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast.

If additional “tariff talk comes out of the U.S. that might slow us down a little bit but really I see the recent volatility more as an opportunity rather than as an obstacle,” Wong said.

The energy sector rose 1.5% as the price of oil settled 0.6% higher at $67.58 a barrel.

Supportive of oil, the U.S. vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping, while Chinese economic data buoyed hopes for higher demand.

TerraVest Industries Inc shares jumped 20.5% after the home heating product manufacturer announced the acquisition of EnTrans International.

The materials sector, which includes fertilizer companies and metal mining shares, added 1.8%, as gold and copper prices climbed.

All ten major sectors ended higher, with heavily weighted financials gaining 1.1%. (Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Krishna Chandra Eluri, Leroy Leo and Deepa Babingtong)

  • Aniket Pujari

    Aniket Pujari

    Aniket Pujari, a graduate in Financial Markets, is the founder of Minute To Know News, a digital platform providing daily news updates on cryptocurrencies, finance, and economics. With a passion for finance and technology, Aniket has been exploring the world of cryptocurrencies since 2015, building a deep understanding of these rapidly evolving industries.

    Related Posts

    Buy or sell: Vaishali Parekh recommends three stocks to buy today — 19 March 2025

    Buy or sell stocks: The Indian stock markets extended their gains for the second successive trading session on Tuesday, March 18, amid positive global cues. The benchmark Nifty 50 index…

    Dividend powerhouses to invest in: Raja Venkatraman’s top picks

    Investing in strong dividend-paying stocks can create a reliable income stream while fostering long-term wealth. Here’s how to make informed choices: 1. Look for a healthy dividend yield A sustainable…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Buy or sell: Vaishali Parekh recommends three stocks to buy today — 19 March 2025

    Judge blocks Trump’s transgender military ban

    Dividend powerhouses to invest in: Raja Venkatraman’s top picks

    Dividend powerhouses to invest in: Raja Venkatraman’s top picks

    Inside the one-time settlement between Cafe Coffee Day and Ares SSG Capital

    Previously classified files related to JFK assassination released

    After $70 mn in bank, e-commerce aggregator 10Club close to bankruptcy