The Toronto Stock Exchange’s S&P/TSX composite index ended up 28.36 points, or 0.1%, at 20,819.09, after giving up much of its earlier gain.
US equities also ended marginally higher as gains in growth mega-caps were offset by lingering inflation concerns.
Equities around the world have been hit this year by soaring inflation and tighter monetary policy, but the TSX has fared better than some of its major peers thanks to its high exposure to commodity-related sectors. raw materials.
“The way we see the current cycle for the TSX index in particular is that it’s very much tied to an end-of-cycle narrative for equity markets in general,” said Sid Mokhtari, market technician at Global Markets. CIBC.
“The energy sector as well as some of these oversold (tech) names that we have on the TSX should help keep the underlying supply on the index,” Mokhtari added.
The energy group ended up 0.8% as oil hit its highest level in more than three months at $120.99 a barrel before settling down 0.3% at 118.50. $.
Technology, which has fallen by more than a third since the start of the year, climbed 1.1%, while consumer discretionary stocks ended up 0.9%.