Canadian Stocks Show Significant Move To The Upside

(RTTNews) - Canadian stocks moved sharply higher over the course of the trading day on Friday, extending the recovery from the early sell-off in the previous session.

The benchmark S&P/TSX Composite Index jumped 344.07 points or 1.7 percent to 21,106.00 climbing further off the four-month intraday low set in early trading on Thursday.

The continued recovery came as some analysts suggested the selling in response to Russia's invasion of Ukraine was overdone.

While the U.S. and its allies have imposed severe sanctions on Russia in response to the attack, the measures are not seen as crippling as some had feared.

The West's seeming unwillingness to target Russia's energy sector also helped ease worries about a spike in oil and gas prices fueling further inflation.

News that Russia is prepared to send a delegation to Belarusian capital Minsk for talks about Ukraine also contributed to drop by treasuries

Russia's apparent willingness to hold talks comes after Ukrainian President Volodymyr Zelenskyy signaled we has open to discussing Ukraine's "neutral status."

Financial stocks showed a significant move to the upside on the day, driving the S&P/TSX Capped Financial Index up by 2.3 percent.

Considerable strength was also visible among energy stocks, with the S&P/TSX Capped Energy Index jumping by 2.3 percent despite an extended pullback by the price of crude oil.

Industrial and material stocks also saw notable strength during the session, moving higher along with most of the other major sectors.