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Canada’s main stock index rose on Wednesday, as global sentiment was lifted by modest sanctions by Western nations on Moscow, with investors eyeing the next move in the Russia-Ukraine conflict.

At 9:45 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 70.12 points, or 0.34%, at 20,977.94. The index is on pace to snap a four-day losing streak.

Energy shares led gains with a 1.6% rise, despite oil prices retreating from the seven-year highs hit the previous day.

Western nations slapped new sanctions on Russia on Tuesday for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion.

Meanwhile, Canadian Prime Minister Justin Trudeau on Tuesday announced a first round of economic sanctions on Russia.

Toronto index dips as Russia-Ukraine tensions escalate

Global stocks rose and demand for safe-haven assets waned on Wednesday as analysts said the sanctions on Russia were less severe than feared.

“It feels like we’re in a bit of a window here where we can see a bit of a relief rally,” said Gregory Taylor, portfolio manager at Purpose Investments.

“Everyone is waiting for the banks to report tomorrow and that will be definitely something to watch to see how the banks are able to weather the storm and have some good numbers,” Taylor added.

Royal Bank of Canada kicks off Canadian bank earnings on Thursday.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.1%.

Highlights

Canada’s Pembina Pipeline Corp said on Wednesday its interim Chief Executive Officer Scott Burrows would lead the company on a permanent basis.

The TSX posted one new 52-week high and no new low.

Across all Canadian issues there were five new 52-week highs and 36 new lows, with total volume of 48.97 million shares.

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