CANADA STOCKS-Tariff pause helps TSX notch biggest gain since pandemic

By Fergal Smith

April 9 (Reuters) - Canada's main stock index on Wednesday surged by the most in five years, led by gains for resource and technology shares, as investors cheered a sudden reversal by the U.S. on tariffs.

Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 1,220.13 points, or 5.4%, at 23,727.03, its biggest advance since March 2020, shortly after the start of the pandemic.

It follows four straight days of steep declines.

Wall Street also rebounded sharply as U.S. President Donald Trump said he would temporarily lower new tariffs on many countries, even as he raised them on imports from China.

The market "skyrocketed" as soon as the reversal on tariffs was announced, said Brian Madden​​​​, chief investment officer at First Avenue Investment Counsel.

"Probably, the administration has gotten a smack on the knuckles here by the market and by some of their base."

The technology sector rose 10.8%, with shares of e-commerce company Shopify SHOP.TO jumping 17.5%.

"The things that are up the most are the things that were down the most in the de-risking period of time," Madden said.

Energy rallied 8.5% as the price of oil CLc1 rebounded from a four-year low to settle 4.65% higher at $62.35 a barrel.

Canadian Prime Minister Mark Carney said if his ruling Liberals win the April 28 election, the government would work to develop both clean energy and the lowest-carbon conventional energy.

The materials group, which includes fertilizer companies and metal mining shares, added 6.6% as gold XAU= and copper HGc1 prices climbed.

Shares of clothing retailer Aritzia ATZ.TO ended 18.6% higher, extending its recovery from a 10-month low on Friday.