Canada's main stock index rose on Wednesday, supported by energy stocks as oil prices gained on hopes that OPEC and its allies will delay a planned increase in output.

The energy sector climbed 2.3% as US crude prices were up 0.8% a barrel, while Brent crude added 1.3%.

The largest percentage gainers on the TSX were oil producer Enerplus Corporation, which jumped 7.4%, and Vermilion Energy Inc, which rose 5.4%.

At 9:45 a.m. ET (1445 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 18.84 points, or 0.11%, at 16,966.9.

Canada's annual inflation rate unexpectedly accelerated to 0.7% in October, up from a year-over-year increase of 0.5% in September, mainly on higher food prices, Statistics Canada said.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.1%.

Gold was stuck to a narrow range as optimism over Pfizer's successful vaccine trials countered concerns over rising coronavirus infections and bets for further economic support.

On the TSX, 111 issues were higher, while 105 issues declined for a 1.06-to-1 ratio favouring gainers, with 21.12 million shares traded.

Granite Real Estate Investment Trust fell 3.6%, the most on the TSX and the second biggest decliner was SilverCrest Metals Inc, down 2.6%.

The most heavily traded shares by volume were Bombardier Inc, Baytex Energy Corp and Suncor Energy Inc .

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

Across all Canadian issues there were 40 new 52-week highs and five new lows, with total volume of 41.85 million shares.