Canada's main stock index rose to a near three-week high as energy and technology shares led a broad-based rally following the Federal Reserve's less hawkish stance than some investors had anticipated.
The S&P/TSX composite index on the Toronto Stock Exchange increased by 363.14 points, or 1.47%, closing at 25,069.21, its highest level since February 28 and marking its largest gain since August 8.
Mike Archibald, a portfolio manager at AGF Investments, noted a "risk-on tone" in the market, attributing the rally to the Federal Reserve's unexpectedly dovish outlook.
Technology emerged as the strongest sector, advancing 3%, driven by an 8.3% surge in shares of Shopify Inc. Energy stocks rose by 1.7%, buoyed by a 0.4% increase in oil prices, which settled at $67.16 a barrel. Financials gained 1.2%, while consumer staples climbed by 2.5%.
Retailer Alimentation Couche-Tard's shares increased by 6.3% after the company released positive quarterly results. Its CEO indicated that an agreement had been reached concerning potential store sales necessary for compliance with U.S. antitrust conditions linked to a deal with Japan's Seven & i.
The materials sector, including metal mining shares, ended 0.9% higher as copper prices rose and gold reached a new record high. However, healthcare was the only sector to decline, falling by 1%.