The Toronto Stock Exchange's S&P/TSX composite index ended up 356.54 points, or 1.7%, at 21,098.29, its highest closing level since Jan. 19 and the biggest advance since Dec. 21. For the month, the TSX was down 0.6%.
"This is a snap back from oversold conditions," said Joseph Abramson, co-chief investment officer at Northland Wealth Management. "Markets are going to remain choppy for a while because we are moving into a rising rate environment and growth is going to slow."
Wall Street's three main benchmarks also closed higher, with the gains helping the tech-heavy Nasdaq narrowly avoid its worst ever start to the year.
Technology shares have been among the most volatile in recent weeks as expectations rose of faster interest rate hikes by the Federal Reserve and the Bank of Canada.
The TSX's tech sector advanced 5.1% on Monday, including a 10.1% jump in the shares of Shopify Inc. The company has the third largest market capitalization on the Toronto market.
The heavily-weighted financials group climbed 1.3%, while energy was up 0.8% as a supply shortage and political tensions helped oil prices notch their biggest monthly gain in almost a year. U.S. crude futures settled 1.5% higher at $88.15.
Gold and copper prices also rose, giving the materials group a boost. It added 1.9%.
(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Marguerita Choy)
By Fergal Smith
