TSX up on oil strength; BoC rate decision awaited

Canada's main stock index rose on Wednesday as energy stocks tracked a jump in oil prices, while investors looked to the Bank of Canada's policy meeting for cues on a potential tapering in monetary stimulus.

At 9:37 a.m., the Toronto Stock Exchange's S&P/TSX composite index was up 0.16%, at 20,840.75, with a 1.5% jump in energy stocks leading gains as oil prices rose more than 1%.

The TSX scaled record highs in the past few weeks as accommodative central bank policies have helped global markets shrug off glum macroeconomic data. Still, concerns around the Delta variant of the coronavirus have limited big intra-day gains.

TSX hits record high on stimulus hopes

All eyes are now on the Bank of Canada's policy meeting, although analysts expect it to keep interest rates unchanged amid an ongoing election.

"Central banks around the world usually try to stay out of politics and with a federal election campaign underway, the likelihood of the bank doing anything this time is pretty much zero," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Heavyweight financial stocks rose 0.2%

Highlights

MEG Energy Corp and Pembina Pipeline Corp were the largest percentage gainers on the TSX.

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

Across all Canadian issues, there were 31 new 52-week highs and three new lows, with a total volume of 34.83 million shares.