Canada Stocks: TSX scores biggest gain since August in relief rally

Mattr

14/03/2025 20:39

TSX ends up 1.45% at 24,553.40

For the week, the index loses 0.83%

Technology rises 2.8%

Financials end 1.9% higher

Updates at market close

By Fergal Smith

March 14 (Reuters) - Toronto's main stock index rallied on Friday as technology and financial shares led broad-based gains and Mark Carney was sworn in as prime minister of Canada, but investors doubted that the recent tariff-driven selloff has run its course.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 350.17 points, or 1.45%, at 24,553.40, its biggest daily advance since August 8.

On Thursday, the TSX posted its lowest closing level in four and a half months. For the week, it was down 0.83%.

U.S. equities also rebounded after a turbulent week marked by a broad selloff as investors assessed the economic fallout of the Trump administration's chaotic trade policies.

"We are seeing a relief rally in the markets today," said Philip Petursson, chief investment strategist at IG Wealth Management.

"However, a better characterization for this might be a dead-cat bounce. There hasn't been any positive news to turn sentiment."

Carney, an ex-central banker, reshaped his cabinet with a view to dealing with Washington.

"We still believe the Canadian index can continue to outperform its U.S. counterpart as we view the TSX companies as more attractive from a valuation perspective and less sensitive to tariffs," Petursson said.

The TSX has fallen 0.71% since the beginning of the year compared to a 4.13% decline for the S&P 500.

All ten major sectors notched gains on Friday, with the technology sector climbing 2.8%, financials up 1.9% and energy adding 1.6%.

The price of oil settled nearly 1% higher at $67.18 a barrel and gold XAU= touched a new record peak above $3,000 an ounce.

The materials group, which includes metal mining shares, advanced 1%.

Shares of NFI Group Inc NFI.TO jumped 20.79% after the bus manufacturer reported quarterly results and its subsidiary was awarded a contract with York Region Transit.

 (Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Vijay Kishore)

 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))