By Ketki Saxena
Investing.com – At 1:45 p.m in Toronto, the S&P/TSX Composite Index was at 20,858.61 points, up 0.33% so far today, as optimism returned to markets following news of easing tech regulations and a relaxation of COVID-19 restrictions in China.
The heavily weighted Energy (+1.06%) and tech (+1.46%) sectors most helped buoy the TSX today. Tech tracked the Nasdaq, as U.S.-listed shares of Chinese technology gained following a report Beijing plans to conclude probes against gains after a ride-hailing giant Didi Global Inc and two other firms and prepares to allow a relaunch on U.S. app stores.
Energy, meanwhile gained from strength in crude, with the commodity touching $120 earlier today. The crude market is being supported by Saudi Arabia’s price hike for its flagship Arab light crude, even as an OPEC+ remains set to increase its combined output to ease supply following the EU-phased embargo of Rusian oil.
Further gains on the commodity heavy index were capped by materials (-0.86%), as a strengthening dollar and rising yields lowered the appeal of non-yielding bullion
Resource stocks were amongst the biggest gainers on the TSX today, including Peyto Exploration (TSX:PEY) (+6.79%), Tamarack Valley (TSX:TVE) (+6.49%), Birchcliff Energy Ltd . (TSX:BIR)(+5.24%), and Advantage Oil & Gas Ltd. (TSX:AAV) (+5.02%). Brookfield Business (TSX:BBUC) (+5.63%) was also a top gainer today.
The biggest losers on the so far today included BRP Inc (TSX:DOO) (-5.64%), Tilray (TSX:TLRY) (-4.90%), IAMGold (-4.48%), Canopy Growth (TSX:WEED) (-4.34%) and Aurora Cannabis (TSX:ACB) (-3.98%).