2014.09.1123:37:48UTC+00Canadian stocks rebound from three-week low led by banks, tech

Canadian stocks gained in the trading session today as the benchmark index erased losses from a three-week slump with bank shares and tech shares, led by BlackBerry, rallied.

The Standard & Poor’s/TSX Composite Index added 0.4% or 63.43 points to 15,534.32, 4 pm, Toronto time. The index has already gained a total of 14% for the year to place second to Denmark as the best-performing of the world’s developed markets. Last September 3, the gauge was able to reach a record high of 15,657.63.

BlackBerry Ltd. surged  by 6.1% while the second largest lender of Canada, Royal Bank of Canada rose by 0.8%. Bank of Nova Scotia added 0.6% as Bellatrix Exploration Ltd. shed 1.7%. Athabasca Oil Corp. and Kelt Exploration both declined, losing 2% and 2.9% respectively.

Across the global market, investors are still wary as more hints that the Federal reserve Bank will be increasing interest rates sooner than expected proliferate the global markets. The next Fed meeting will be on September 16-17. While on Thursday, reports were released that the European Union and the United States would be increasing sanctions versus Russia. Investors are cautious about the geopolitical tension as US President Barack Obama announced on Wednesday that new plans to combat Islamic State Militants are in the works The New EU sanctions due to tensions in  Ukraine will be imposed against Russia tomorrow. The sanctions will take effect as the bloc plan out the conditions for the suspension of measures in the future.