Energy lifts Canadian market higher

Canada’s main market closed ahead on Wednesday, as energy stocks led the way after crude oil closed at a one-week high. (Photo: Serdar Gurbuz Photography/Flickr)

TORONTO—Canada’s main market closed ahead on Wednesday, as energy stocks led the way after crude oil closed at a one-week high.

Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite rose 64.01 points, or 0.41 percent to finish the session at 15,633.21 points. Eight of the ten sub-groups ended the day higher.

The energy group was by far and away the biggest gainer on the day, advancing 2.05 percent after a violate five-day period. Crude oil rose after U.S. Energy Information Administration reported lower weekly inventories and both Iraq and Algeria joined Saudi Arabia in support of extending the OPEC supply agreement. As a result, benchmark Brent for July delivery jumped 3.06 percent to 50.25 U.S. dollars a barrel.

Subsequently, Calgary-based energy firms thrived, as shares of Crew Energy Inc and Spartan Energy Corp surged 7.83 percent and 7.11 percent, respectively. Baytex Energy Corp and Encana Corporation also performed well, rising 3.16 percent and 2.99 percent, each. Suncor Energy Corp, the largest crude oil producer in Canada, advanced 1.21 percent to close at 43.63 Canadian dollars (31.91 U.S. dollars).

Also receiving boosts were Materials and Health Care sectors, gaining 0.79 percent and 0.75 percent, apiece.

The TSX Material group, which is comprised of producers of gold, precious metals, and raw materials, finished ahead despite gold prices finishing slightly lower. An ounce of gold fell 0.19 percent to 1,218.80 U.S. dollars.

Despite the slight decrease, gold miners performed well on Wednesday. Toronto-based Kinross Gold Corporation was the top traded stock on the day with a volume exceeding 9.1 million. Shares closed at 5.35 Canadian dollars (2.99 U.S. dollars), a 4.09 percent uptick. Gold miner IAMGOLD Corporation rocketed 8.40 percent, while fertilizer supplier Potash Ridge Corporation shares soared 7.69 percent.

The TSX Health Care group received a spark from Valeant Pharmaceuticals International Inc, one day after the Quebec-based drugmaker reported its first profitable quarter in six tries. Shares closed at 17.33 Canadian dollars (12.68 U.S. dollars), a 4.52 percent increase.

Meanwhile, a pair of Ontario-based medical marijuana distributors held the group back from bigger gains. Shares of Canopy Growth Corporation dipped 6.27 percent to 7.78 Canadian dollars (5.69 U.S. dollars), while Aphria Inc retreated 6.09 percent to close at 5.55 Canadian dollars (4.06 U.S. dollars)

The remaining groups to finished Wednesday’ s sessions with gains were: Information Technology (0.46 percent), Consumer Discretionary (0.23 percent), Industrials (0.19 percent), Utilities (0.19 percent), and Financial (0.15 percent).

The IT group finished ahead after tech firms Celestia Inc and CGI Group reeled off gains of 1.04 percent and 0.82 percent, apiece. Waterloo-based Blackberry Limited ticked up 0.15 percent to close at 13.01 Canadian dollars (9.52 U.S. dollars).

The lone groups to close the session lower were Telecommunications and Consumer Staples, ticking down 0.15 percent, and 0.06 percent, respectively.

The Canadian dollar climbed 0.30 cents to end the day at 0.7314 U.S. dollars.