Canada's main stock index rose on Wednesday, as energy stocks gained tracking crude prices after easing restrictions in the United States and parts of Europe raised hopes of higher fuel demand in the summer season.

The rise in oil prices to near two-month highs has been supported by COVID-19 vaccine rollouts in Europe and the United States where more than 40% of US adults have received a vaccine.

That helped the energy sector climb 1%.

At 09:40 a.m. ET (1340 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 48.66 points, or 0.25%, at 19,236.69.

Barrick Gold Corp rose 1.4%, after the company reported a 78% jump in first-quarter profit, beating analysts expectations thanks to rising gold and copper prices.

Retailer Loblaw Cos Ltd gained 0.9% after it beat market estimates for quarterly revenue and profit, as its online sales more than doubled on soaring demand from homebound buyers for groceries during the COVID-19 pandemic.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.3% as gold futures rose 0.2% to $1,779.2 an ounce.

On the TSX, 133 issues were higher, while 93 issues declined for a 1.43-to-1 ratio favouring gainers, with 15.11 million shares traded.

The largest percentage gainers on the TSX were Ero Copper Corp and Equitable Group Inc, jumping 10.7% and 7.7%, respectively, after the companies reported strong quarterly results.

Badger Daylighting Ltd fell 4.3%, the most on the TSX, after the company, which provides excavating services to petroleum and construction industries, posted a loss of 43 cents per share in the first quarter.

The second biggest decliner was Pretium Resources Inc , down 3.8%.

The most heavily traded shares by volume were Zenabis Global Inc, Bombardier Inc and B2gold Corp .

The TSX posted 19 new 52-week highs and one new low.

Across all Canadian issues there were 67 new 52-week highs and five new lows, with total volume of 35.96 million shares.