Canada's main stock index hit a near 18-month high on Wednesday as energy stocks surged along with oil prices as major crude producers reached a deal to curb production.
The S&P/TSX Composite climbed 112.33 points to greet noon at 15,112.14 its highest level since June 3, 2015.
The Canadian dollar docked 0.01 cents at 74.39 cents U.S.
Media reports say the Organization of the Petroleum Exporting Countries has agreed its first limit on oil output since 2008, with Saudi Arabia prepared to accept "a big hit" on production and agree to arch-rival Iran freezing output at pre-sanctions levels.
Energy shares accounted for 35 of the 45 most influential gainers, with several names jumping more than 10%. Suncor Energy rose 6.1% to $42.49, Canadian Natural Resources up 7% to $44.57 and Cenovus Energy adding 8.5 percent to $20.58.
The group was also boosted by Ottawa's decision to approve a pipeline project that will improve access to Asian markets.
The financials group slipped. Shares in Royal Bank of Canada fell 2.3% to $88.04 after the country's largest lender reported a bigger-than-expected decline in fourth-quarter profit, reflecting lower earnings from its capital markets business and an increase in loans to oil firms turning bad.
Among gold concerns, Barrick Gold dropped 3.3% to $20.06 and Goldcorp Inc fell 3.2% to $17.48.
On the economic front, Statistics Canada reported that gross domestic product grew 0.9% in the third quarter, following a 0.3% decline in the second quarter.
StatsCan also says exports of energy products, rebounding from a second quarter decline, boosted growth.
The agency’s industrial product price index rose 0.7% in October, led by higher prices for energy and petroleum products, while, in the same month, the raw materials price index increased 3.3%, mainly due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange remained higher 0.45 points to 735.36
All but three of the 12 TSX subgroups were lower, with gold sliding 2.7%, health-care down 2.4%, and consumer staples off 1.2%.
The three gainers were energy, bolting 8.2% higher, industrials ahead 1%, and information technology peeking up 0.1%.
ON WALLSTREET
U.S. equities traded mostly higher on Wednesday, the last trading day of the month, as oil prices surged amid a reported OPEC deal to cut production, while investors digested solid economic data.
The Dow Jones Industrials marched ahead 77.07 points noon hour to 19,198.67, with Goldman Sachs leading advancers and Visa the top decliner.
The S&P 500 gained 2.25 points to 2,206.91, with energy leading four sectors higher and utilities lagging.
The NASDAQ composite index subtracted 32.74 points to 5,347.18
On the data front, private companies added 216,000 jobs in November, well above the expected 165,000, according to ADP and Moody's Analytics. ADP and Moody's report is often seen as a prelude to the U.S. government's monthly jobs report, due Friday.
Meanwhile, consumer spending rose 0.3% in October, while personal income gained 0.6%, the best showing since April.
The Chicago Purchasing Managers’ index reading for November came in at 57.6, well above an October reading of 50.6. Pending home sales rose 0.1% month over month in October and 1.8% year over year, in line with expectations.
Other data due Wednesday include the latest Beige Book.
An OPEC source told the media the group had agreed on a plan to cut output based on an outline hammered out in Algiers in September.
Treasury prices for the 10-year note slumped, raising yields to 2.39% from Tuesday’s 2.31%. Treasury prices and yields move in opposite directions.
Oil prices spiked $3.68 to $48.91 U.S. a barrel
Gold prices stumbled $15.60 to $1,175.20 U.S. an ounce.
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