TSX rises on oil, retail data boost ahead of Fed meet

Canada's main stock index climbed on Wednesday, supported by higher oil prices and upbeat February retail sales data, even as investors awaited the outcome of the US Federal Reserve policy meet.

Most Fed watchers expect Chairman Jerome Powell to repeat the bank's recent message that its low interest rates and support programmes will remain in place for a long time.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 101.28 points, or 0.53%, at 19,276.37.

Shopify Inc, reported a 110% jump in first-quarter revenue, as its e-commerce platform profited from the past year's COVID-19 driven boom in online selling.

Its shares gained 4%, the most on the TSX followed by Uranium miner Denison Mines Corp, which rose 3.2%.

Canadian retail sales rose 4.8% in February to C$55.08 billion ($44.45 billion), on higher sales at motor vehicle and parts dealers, as well as gasoline stations.

Seven of the index's 11 major sectors were higher, led by the information technology sector.

The energy sector climbed 1.6% as oil prices gained more than 1% on expectations that rising fuel demand will offset concerns about the impact of a surge in India's coronavirus cases and higher US crude inventories.

The financials sector gained 0.5%. The industrials sector rose 0.2%.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3% as gold futures fell 0.7% to $1,765.2 an ounce.

On the TSX, 118 issues were higher, while 103 issues declined for a 1.15-to-1 ratio favouring gainers, with 14.09 million shares traded.

Cancer drug developer Trillium Therapeutics fell 6.8%, the most on the TSX, while the second biggest decliner was clean fuel systems maker Westport Fuel Systems, down 3.2%.

The most heavily traded shares by volume were Tetra Bio Pharma, up 8.2%; Nevada Copper, down 2.2%, and Roxgold Inc, down 1.7%.

The TSX posted 15 new 52-week highs and no new lows.

Across all Canadian issues there were 58 new 52-week highs and 8 new lows, with total volume of 31.48 million shares.