TSX gains boosted by energy, material shares

Canada's main stock index rose on Wednesday, supported by energy and material stocks, as investors hope for US stimulus as Joe Biden takes over as the next president.

Investors are focused on hopes of a big relief package as US President-elect Joe Biden will be sworn into office later today. Last week he outlined a $1.9 trillion stimulus package proposal to jump start the economy from pandemic-driven slump.

The energy sector climbed 1.1% as US crude prices were up 1.3% a barrel, while Brent crude added 1.1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.5% as gold futures rose 0.3% to $1,844.4 an ounce.

At 9:37 a.m. ET (14:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 43.62 points, or 0.24%, at 18,000.99.

Locally data showed the nation's annual inflation rate slowed to 0.7% in December from 1.0% the previous month amid a new round of COVID-19 lockdowns and declining costs of food and airplane tickets.

The largest percentage gainer on the TSX was Blackberry Limited, which jumped 8%, extending gains from prior session after the cybersecurity firm settled patent disputes with Facebook Inc.

Its gains were followed by oil producer MEG Energy Corp , which rose 5%.

On the TSX, 158 issues were higher, while 57 issues declined for a 2.77-to-1 ratio favoring gainers, with 12.90 million shares traded.

Fuel-cell products developer Ballard Power Systems Inc fell 3.3%, the most on the TSX, and the second biggest decliner was Trillium Therapeutics Inc, down 0.8%.

The most heavily traded shares by volume were Blackberry, First Mining Gold Corp and Largo Resources Ltd.

The TSX posted six new 52-week highs and no new low.

Across all Canadian issues there were 76 new 52-week highs and two new lows, with total volume of 33.06 million shares.