Canadian stock market rallies

Toronto, Dec 24 (IANS) Canada’s main stock market in Toronto rose sharply as the rising oil prices and neutral gross domestic product (GDP) data from the country boosted the trading sentiment.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/ TSX Composite Index rallied 202.05 points, or 1.54 percent, to 13,284.91 points on Wednesday, Xinhua reported.

Resources sectors led the increase when the oil prices gained momentum over declining inventories and the Organization of Petroleum Exporting Countries (OPEC) on Wednesday predicted that oil price would rise to $70 per barrel in 2020.

Boosted by the positive stimulus, Energy jumped 5.82 percent with the oil and gas giant Encana Corporation going up 8.44 percent to 7.07 Canadian dollars (about $5.1) a share.

And Metals and mining, another heavily-weighted resources sector in TSX, also soared 8.81 percent as the base metals producer First Quantum Minerals Ltd. shot up 17.19 percent to 6.00 Canadian dollars per share.

Financials, the most influential sector in TSX, rallied 0.85 percent, with Royal Bank of Canada adding 0.82 percent to 75 Canadian dollars.

The Canadian dollar on Wednesday was traded higher to $0.7217, compared with $0.7175 on Tuesday.

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