Canada's main stock index extended its rally to a fourth straight session on Wednesday, as energy stocks tracked higher crude prices, while technology shares rose following strong US tech earnings.

At 9:35 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 92.7 points, or 0.43%, at 21,412.62.

The energy sector climbed 1.1%, hitting its highest level since late 2018, as oil prices jumped, hovering near a previous seven-year high, after OPEC+ decided to stick to its planned output increase and not raise production more quickly despite pressure from top consumers.

After falling nearly 0.6% in January, the benchmark equity index started off this month on a positive note as investors grew less fearful that central banks would hike interest rates aggressively and focus turned to corporate earnings.

TSX rises as mining stocks gain on firmer metals

"I think a lot of people panic sold last few weeks and took down exposure. And as things started to calm down with better earnings and the bond markets tend to act a little better, I think we can see people put money back into the market and we could be setting up for a bit of a bounce," said Gregory Taylor, portfolio manager at Purpose Investments.

The financials sector, which accounts for about 30% of the Toronto market's value, gained 0.4%, while the industrials sector rose 0.5%.

Toronto-listed tech stocks advanced 0.7% mirroring gains in the US tech-heavy Nasdaq index after Google-parent Alphabet and chipmaker Advanced Micro Devices' stocks surged following strong quarterly results.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7% as copper prices climbed on a softer dollar and worries about low inventories, while gold steadied around the important $1,800 level.

Highlights

The TSX posted 23 new 52-week highs and no new low.

Across Canadian issues, there were 48 new 52-week highs and eight new lows, with total volume of 32.31 million shares.