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Toronto stocks recover from virus driven sell-down

Published 2020-02-26, 10:29 a/m
Updated 2020-02-26, 10:29 a/m
Toronto stocks recover from virus driven sell-down

Toronto stocks recover from virus driven sell-down

(Reuters) - Canada's main stock index rose on Wednesday, recovering from a more than 4% loss over the past three sessions that was driven by fears of a coronavirus pandemic.

At 9:44 a.m. ET (14:44 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 92.2 points, or 0.54%, at 17,269.57.

The virus' spread to shores beyond China had triggered massive sell-offs in global equities over the past few sessions, as investors reassessed its potential economic impact.

The technology sector was the best performer, led by gains in online marketplace operator Shopify Inc .

The financials sector gained 0.6%, while the industrials sector rose 0.9%.

The top gainers on the TSX were Kinaxis Inc, which jumped 10.1% after posting stronger quarterly results, and OceanaGold Corp, which rose 2.5%.

Semafo Inc fell 3.7%, the most on the TSX, while the second biggest decliner was Northland Power, down 3.0% after touching a record high in the run-up to its fourth-quarter results.

On the TSX, 135 issues were higher, while 89 issues declined for a 1.52-to-1 ratio favoring gainers, with 37.62 million shares traded.

The most heavily traded shares by volume were Manulife Financial, Gold Standard and B2gold Corp.

The TSX posted no new 52-week highs and 17 new lows.

Across all Canadian issues there were four new 52-week highs and 55 new lows, with total volume of 66.64 million shares.

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