TSX tracks global rally, shaking off pullback in oil prices

By Fergal Smith

TORONTO (Reuters) – Canada’s main stock index rose on Tuesday, helped by a rally in global equity markets after Russia indicated it was withdrawing some troops from exercises near Ukraine.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 150.04 points, or 0.7%, at 21,502.55.

“We are getting a bounce with renewed interest in stocks around the world with some of the tensions between Russia and Ukraine easing,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

“We are trailing behind the gains in the U.S. markets but that’s not a big surprise considering that crude oil was down today.”

Wall Street ended sharply higher, while the price of oil settled 3.6% lower at $92.07 a barrel on easing supply concerns.

Investors have worried that a conflict in Ukraine could hurt the global economy and raise inflation pressures.

The energy sector dipped 0.2% but that was more than offset by gains in other sectors, including a 1.8% advance for both technology and industrials

The consumer discretionary ended 2.3% higher, helped by gains for Restaurant Brands International Inc after the parent of Burger King beat estimates for quarterly revenue and profit. Its shares rose 3.7%.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Sandra Maler)