Canada's main stock index rose on Wednesday, aided by energy and mining stocks, with investors watching out for the minutes of the Federal Reserve's latest meeting amid growing concerns about a tighter US monetary policy.
At 9:34 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 36.11 points, or 0.17%, at 21,272.63, extending gains from the prior session.
The energy sector climbed 2.3% as oil prices held near $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February.
"We've got rising energy prices, boosting the energy sector as well gold is just holding in there, so the sectors that are commodity weighted are doing really well and that's helping to boost Canada," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The benchmark index gained 22% in 2021, its best yearly performance since 2009, supported by massive stimulus, vaccine rollouts and hopes of a global economic recovery.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold prices edged higher after rising Omicron variant coronavirus cases helped its safe-haven appeal.
Limiting gains on the TSX, technology stocks fell 1.8% mirroring weakness in the US tech-heavy Nasdaq index.
On the economic front, the value of Canadian building permits increased by 6.8% in November from October, with seven of the 10 provinces recording gains, Statistics Canada said on Wednesday.
Highlights
The TSX posted thirteen new 52-week highs and no new low.
Across all Canadian issues there were 60 new 52-week highs and nine new lows, with total volume of 21.76 million shares.
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