Canada's main stock index rose to a record high on Wednesday, buoyed by shares of cannabis companies as the Reddit community behind a recent trading frenzy pumped up these stocks.

A post on WallStreetBets, the Reddit forum linked to the past month's surges in GameStop Corp, AMC Entertainment and others, told users that shares of producers Tilray Inc and Aphria Inc have more room to rise.

The largest percentage gainers on the TSX were Aphria Inc , which jumped 19.7%, and Aurora Cannabis, which rose 14.3%.

At 9:40 a.m. ET (14:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 97.36 points, or 0.53%, at 18,505.98.

Canada will spend C$15 billion ($11.8 billion) on public transit projects over eight years as part of its efforts to stimulate the economy and create jobs post COVID-19, Prime Minister Justin Trudeau said.

The energy sector climbed 1.7% as US crude prices were up 0.2% a barrel, while Brent crude added 0.4%.

The financials sector slipped 0.2%. The industrials sector fell 0.1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1% as gold futures rose 0.9% to $1,851.1 an ounce.

On the TSX, 137 issues were higher, while 79 issues declined for a 1.73-to-1 ratio favouring gainers, with 19.39 million shares traded.

Keyera Corp fell 3.4%, the most on the TSX, after posting a loss of $0.34 per share in the fourth quarter.

The second biggest decliner was BlackBerry Ltd, down 2.6%.

The most heavily traded shares by volume were The Supreme Cannabis Company, Zenabis Global Inc and The Green Organic Dutchman Holdings.

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

Across all Canadian issues there were 144 new 52-week highs and 9 new lows, with total volume of 84.52 million shares.