Canada Stocks: Toronto index gains on energy, tech boost

Canada Stocks: Toronto index gains on energy, tech boost

Canada's main stock index rose on Monday as energy stocks rallied on the back of strength in oil prices, with investor sentiment getting a boost globally from signs of a let-up in China's crackdown on its technology sector.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 100.62 points, or 0.48%, at 20,891.35.

The movement mirrored an upbeat mood on Wall Street, where U.S.-listed shares of Chinese technology companies led the gains after a report that Beijing was concluding probes into ride-hailing giant Didi Global Inc and two other firms and preparing to allow their apps back on domestic app stores.

Tracking gains on the tech-heavy Nasdaq index, the Canadian technology sector rose 1.0%.

The energy sector climbed 1.0% as U.S. crude prices were up 0.7% a barrel and Brent crude added 0.7%.

The financials sector gained 0.6%, while the industrials sector rose 0.5%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.1% as a slight pullback in the dollar lifted gold prices.

In company news, Air Canada gained 0.8% after a top regional executive said on Saturday the airline was expecting demand for flights between Canada and the Asia-Pacific to recover to near pre-pandemic