TSX hits record high on oil boost

Canada's main stock index hit a record high on Wednesday, driven by gains in energy stocks as an OPEC+ decision to gradually restore crude supply lifted oil prices.

The energy sector climbed 0.5% as US crude prices were up 0.6% a barrel, while Brent crude added 0.7%.

At 09:42 a.m. ET (13:42 G@MT), the Toronto Stock Exchange's S&P/TSX composite index was up 24.76 points, or 0.12%, at 20,000.77.

The Canadian dollar edged higher against its broadly stronger US counterpart as oil prices climbed, with the currency staying in reach of a six-year high notched the day before.

Brookfield Infrastructure Partners raised its hostile bid to buy Inter Pipeline Ltd to C$8.48 billion ($7.02 billion), topping Pembina Pipeline Corp's C$8.3 billion offer to buy the Canadian oil and gas transportation company.

The financials sector gained 0.1%, while the industrials sector fell 0.2%.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3% as gold futures rose 0.1% to $1,905.4 an ounce.

On the TSX, 118 issues were higher, while 107 issues declined for a 1.10-to-1 ratio favouring gainers, with 26.79 million shares traded.

The largest percentage gainers on the TSX were Blackberry Ltd, which jumped 11.8%, and Inter Pipeline Ltd , which rose 7.6%, after Brookfield Infrastructure Partners raised its hostile bid for Inter Pipeline.

Westport Fuel Systems Inc fell 9.2%, the most on the TSX, after launching a $100 mln stock offering.

The second biggest decliner was Interfor Corp, down 3.4%.

The most heavily traded shares by volume were Great-West Lifeco, Blackberry Ltd and Rogers Communications Inc.

The TSX posted 18 new 52-week highs and no new lows.

Across all Canadian issues there were 96 new 52-week highs and 5 new lows, with total volume of 45.57 million shares.