Canada's main stock index faded from near 18-month highs 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 83.04 points to finish at 15,082.85, after flirting with heights it had not seen since the summer of 2015.
The Canadian dollar eked ahead 0.05 cents at 74.45 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 most of the gain, with Suncor Energy rising $2.43, or 6% to $42.78, Canadian Natural Resources up $3.66, or 8.8% to $45.33, and Cenovus Energy adding $1.81, or 9.6%, to $20.77.
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 $3.04, or 3.4%, to $87.08, 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 60 cents, or 2.9%, to $20.15, and Goldcorp fell 32 cents, or 1.8%, to $17.73.
Health-care stocks also took a pounding, as Valeant Pharmaceuticals doffed $1.81, or 7.9%, to $21.24, and rival Concordia International lost 10 cents, or 2.8%, to $3.44.
Consumer staples were also hit hard, as Premium Brands staggered 82 cents, or 1.2%, to $70.59, while Metro stepped back 14 cents to $40.91.
Industrial stocks were more solid, as Canadian National Railways gained four cents to $89.81, while Canadian Pacific galloped $5.44, or 2.7%, to $205.63.
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 2.06 points to 736.97
All but two of the 12 TSX subgroups were lower, with health-care down 2.4%, gold slumping 2.3%, and consumer staples off 1.3%.
The two gainers were energy, bolting 8.1% higher, and industrials better by 1%
ON WALLSTREET
Stocks closed mixed on Wednesday, the last day of the month, as energy stocks surging on an OPEC deal to cut production, while investors digested solid economic data.
The Dow Jones Industrials barely held onto gains, finishing ahead 1.98 points to 19,123.58, with Goldman Sachs leading advancers and Visa the top decliner.
The S&P 500 handed back 5.85 points to 2,198.81, with energy leading four sectors higher and utilities lagging.
The NASDAQ composite index swooned 56.24 points, or 1.1%, to 5,323.68
Even so, the three major U.S. indexes recorded sharp monthly gains, with the NASDAQ and S&P notching their best month since July, while the Dow had its best month since March.
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 included the latest Beige Book, which said the U.S. is seeing moderate growth in most regions of the country.
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 $3.93 to $49.16 U.S. a barrel
Gold prices stumbled $16.20 to $1,174.60 U.S. an ounce.
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