CANADA STOCKS-Bay St rallies in biggest gain in 7 months

Wed Aug 26, 2015 5:20pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 230.66 points, or 1.75 percent, to 13,381.59

* Nine out of the TSX's 10 main groups up (Updates to close, adds quote, byline)

By Solarina Ho and Leah Schnurr

TORONTO/OTTAWA, Aug 26 (Reuters) - Canada's main stock index racked up its biggest increase in seven months on Wednesday in another volatile session as investors dove back into shares that had recently sold off.

The TSX, which is heavily weighted with energy stocks, has been hit by the slide in crude prices and was caught up in the global market rout earlier this week that was fueled by concerns about China.

Despite faltering during the day, Toronto stocks were able to rally in the final hours of trading, helped by a nearly 4 percent surge in stocks on Wall Street.

The utilities sector, typically seen as a safe haven, fared the best, rising 3.4 percent, while tech shares jumped 2.9 percent.

"The sentiment seems to be changing hour to hour," said Bryden Teich, associate portfolio manager at Avenue Investment Management, in Toronto. "The moves that we saw early in the week were pretty violent."

"A lot of those more long-term defensive names that snapped down early in the week, you're seeing bounce back up today, that's what's helping push the market up," Teich said.   Continued...