By Ketki Saxena
Investing.com – As of 11:30 ET, the S&P/TSX composite index was 0.18% higher at 22,018.49 points.
While the TSX opened in the red, driven by continued losses in energy and metals, equities in other sectors rebounded on news of progressing peace talks between Russia-Ukraine.
Russia announced earlier today that it is drastically scaling back military activity around Kyiv, while Ukraine has proposed adopting neutral status, meaning it will not join military alliances or host military bases, which has been a key and contentious issue for Russia.
The TSX was let higher by Tech (+2.71%) and heavyweight financials (+0.51%), offsetting losses in energy (-2.05%) and materials (-1.37%). Energy was driven downwards as crude oil continued to extend losses following news of Shanghai lockdowns, which raised concerns of a decline in demand. Metals were driven down by the price of gold, which fell to $1911.60 (-1.45%) as investors sold the safe-haven asset.
Most TSX sectors including Consumer Discretionary, Industrials, Healthcare, Real Estate, and REITs were in the green as of Midday.
The biggest gainers of the session so far today include Cargojet Inc (TSX:CJT) (+7.73%), Converge Technology Solutions Corp (TSX:CTS) (+6.64%), and Lightspeed (TSX:LSPD) (+6.17%). Canadian stocks with the greatest losses so far today include Nutrien Ltd (TSX:NTR) (-6.44%), Vermilion Energy Inc . (TSX:VET) (-5.77%) and Parex Resources (TSX:PXT) (-5.41%).
In New York, The Dow Jones Industrial Average was up 0.77%, the S&P 500 was up 0.80% and the NASDAQ was up 1.22%.