Stock prices in Toronto climbed on Wednesday as a jump in oil prices from a fall in U.S. crude inventories helped drive up shares of energy producers.
The S&P/TSX composite index bolted higher 73.65 points, to open Wednesday at 13,156.51
The Canadian dollar gained 0.2 cents to 72 cents U.S.
The energy sector jumped, as Suncor Energy added 2.1% to $36.72, and Canadian Natural Resources advanced 3.5% to $30.00.
A gain in copper prices helped support mining shares. Teck Resources Ltd shot up 9.1% to $5.52, and First Quantum Minerals rose 5.5% to $5.40.
A $460-million settlement fund for victims of the 2013 Lac-Megantic crude-by-rail disaster will begin disbursements this week without the participation of Canadian Pacific Railway.
Shares in CP gained 14 cents to $176.26.
BMO cut the rating on Tourmaline Oil Corp to market perform from outperform. Tourmaline shares took on 52 cents, or 2.4%, to $22.00.
RBC initiated coverage on Northern Blizzard Resources with sector perform rating. Northern Blizzard shares triumphed 15 cents, or 4.2%, to $3.72,
M Partners resumes coverage on Newcastle Gold with a buy rating. Newcastle shares gained one cent to $1.36.
On the economic beat, Statistics Canada reported that Gross Domestic Product was unchanged in October, after falling 0.5% in September.
Gains in mining, quarrying, and oil and gas extraction as well as the public sector were offset by declines in manufacturing, utilities and retail trade.
The agency also said retail sales edged up 0.1% in October to $43.4 billion. Sales were up in seven of 11 sub-sectors, representing 59% of retail trade.
ON BAYSTREET
The TSX Venture Exchange regained 2.12 points to 504.16
All but one of the 13 TSX subgroups began the day higher, led by metals and mining stocks, up 3.4%, energy, surging 2.8%, and materials, up 0.6%.
Consumer staples faded 0.7%.
ON WALLSTREET
U.S. stocks opened higher Wednesday, the last full trading day of the week, as investors eyed a recovery in oil prices and data releases.
The Dow Jones industrial average gathered 103.83 points to 17,521.10, with Chevron contributing the most to gains, while Nike struggled to hold higher after initially rallying.
The S&P 500 gained 13.32 points to 2,052.29. The energy sector gained about 2% to lead all S&P 500 sectors higher in the open.
The NASDAQ index jumped 32.45 points to 5,033.56
Nike reported earnings that beat but revenue that missed slightly. The athletic footwear and apparel maker's stock got a particular boost in after-hours trade from a 20% increase in future orders, a number which excludes the impact of currency fluctuations.
U.S. crude prices rose to a premium over internationally traded Brent on Wednesday. U.S. inventories released by the American Petroleum Institute showed a surprise dip.
Official inventory data from the Energy Information Administration will be published later on Wednesday.
Durable goods orders were unchanged in November. U.S. personal income rose 0.3%.
In the 12 months through November, the personal consumption expenditures (PCE) price index was up 0.4% after rising 0.2% in October, Reuters said. Excluding food and energy, prices nudged up 0.1 percent after being unchanged in October. The so-called core PCE price index rose 1.3% in the 12 months through November, for the 11th straight month.
The final University of Michigan consumer sentiment survey for December was 92.6.
New home sales rose 4.3% in November to a seasonally-adjusted annual rate of 490,000 units, following a downward revision to October's sales pace to 470,000 units. The report came after Tuesday's weak existing home sales numbers.
Wednesday is the last full trading day of the week, as Thursday is a half day for the Christmas Eve holiday. Markets are closed Friday for Christmas Day.
Prices for the 10-year Treasury lost ground, raising yields to 2.26% from Tuesday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices added 36 cents a barrel to $36.17 U.S.
Gold prices faltered $5.93 to $1,072.47 U.S. an ounce.
