Nov 29 (Reuters) - Canada's main stock index rebounded on
Monday, after posting its biggest decline in more than a year in
the previous session, as a near 5% jump in crude prices lifted
At 9:44 a.m. ET (14:44 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 86.7 points, or 0.41%,
The energy sector climbed 1.6%, gaining its
footing after recording the worst session since Dec. 2020 on
Crude prices jumped as investors looked at the Omicron
coronavirus variant concerns that led to a drop in oil and
financial markets on Friday as exaggerated.
Sentiment in global markets improved as investors waited for
more details to assess the severity of the Omicron coronavirus
variant on the world economy.
"While market participants continue to have more questions
than answers for the moment, the general tone coming into the
new week certainly feels a lot less panicky," said Arthur Hogan,
chief market strategist at National Securities in New York.
The benchmark equity index's record-breaking rally paused in
the last few weeks as weakness in commodities and concerns
around COVID-19 resurgence in Europe dented sentiment. However,
the index was set to end the month in positive territory with
consumer discretionary stocks and miners leading gains.
The materials sector, which includes precious and
base metals miners and fertilizer companies, added 0.5%.
On the economic front, producer prices in Canada rose by
1.3% in October from September on higher prices for energy and
petroleum products, Statistics Canada said.
Meanwhile, domestic investors await bank earnings this week
and will be seeking more information on dividends and buybacks,
as earlier this month Canadian regulators granted financial
institutions approval to return more capital to shareholders.
Oil producer Vermilion Energy Inc was the biggest
percentage gainer on the index followed by lithium miner Lithium
The TSX posted no new 52-week highs and one new low.
Across Canadian issues, there were five new 52-week highs
and 13 new lows, with total volume of 46.61 million shares.
(Reporting by Amal S in Bengaluru;
Editing by Vinay Dwivedi)