By Fergal Smith
(Reuters) -Canada’s main index rose on Friday, ending the first week of 2024 on a positive note, as investors shifted into sectors, such as energy and financials, offering cheaper valuations and took in stride disappointing domestic jobs data.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 66.2 points, or 0.3%, at 20,937.55. For the week, it was down 0.1%, as some of the optimism that had fueled markets in the final two months of 2023 ebbed.
The trend at the start of the year has been for investors to reduce their exposure to some high-flying sectors, such as technology, and move to sectors that appear to offer more value, said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth.
“You are seeing financials attract a bid … energy is stabilizing. So it is quite likely you are seeing some element of sector rotation going on to kick off 2024,” Picardo said.
Canada’s economy added barely…
