(New fills, updated prices, market activity and investor comments)
* TSX closed 224.55 points or 1.1% higher at 20,416.21
* Biggest gain after post 1st June
* Technology stocks up 2.7%; Energy gain 2.4%
* US oil price rose 1.1%; Copper up 2.4%
TORONTO, Oct 7 (Businesshala) – Canada’s main stock index rallied for the most in four months on Thursday, led by technology and energy stocks, as global sentiment lifted on hopes that Washington could resolve its debt-limit deadlock .
The Toronto Stock Exchange’s S&P/TSX Composite Index closed 224.55 points, or 1.1%, higher at 20,416.21, its biggest gain since June 1 and the highest closing level since September 27.
Gains for the index came as a temporary struggle in the debt-limit deadlock in the US Congress, relieved this month by concerns of a possible government debt default, boosted Wall Street.
Chad Aul, Vice President of Portfolio Management, Sun Life Global Investments, said, “This is a near-term risk factor and certainly causing volatility and noise, it looks like it will be carried forward for at least a few months. “
Technology stocks rose 2.7%, their third session of gains, helped by a 3.4% advance for Shopify Inc., the company with the largest market capitalization in the Toronto market.
Sectors that particularly benefited from economic recovery also gained ground, with energy climbing 2.4% as oil prices rose and the heavily weighted financial services sector up 0.7%.
We expect further shifting of positions in those cyclical areas in global markets “as we move through the quarter,” Aul said.
Canada’s jobs report for September is due out on Friday, which could provide clues about the strength of the domestic economy.
US crude futures closed 1.1% higher at $78.30 a barrel as markets looked unlikely to issue an emergency crude stockpile or impose export restrictions to ease tight supplies, while copper futures rose 2.4%. was up.
The Materials Group, which includes precious and base metal miners and fertilizer companies, added 1.3%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by David Gregorio)