A broad rally led by tech pushed Canada's main stock index to a three-week high, although it underperformed U.S. markets as the price of oil dropped 12 per cent and gold lost some of its lustre.
"It seems whatever happened in the last four days, the exact opposite is happening today," said Michael Currie, vice-president and investment adviser at TD Wealth."Traders are starting to think that perhaps a compromise could happen," Currie said in an interview, pointing to a Russian government spokeswoman saying the Kremlin prefers negotiations over war.
"It's just a complete reversal from the last few days," Currie said, noting that the European stock market was also up almost seven per cent. The heavyweight financials sector increased 2.1 per cent as bond yields rose. That helped Canada's big banks to gain between 1.8 and 2.9 per cent. Industrials gained 1.7 per cent as shares of CAE Inc. increased 10 per cent and Air Canada moved up 5.0 per cent on lower crude oil prices that also helped the U.S. travel industry.
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