Canada's energy sector gave its main stock index a boost on Nov. 21, bolstered by a rally in crude oil prices ahead of an OPEC meeting next week.
Oil rose 3% to its highest in three weeks as Saudi Arabia raised hopes for a deal with a diplomatic charm offensive to persuade the cartel's more reluctant members to join its proposed output cut.
The most influential movers on the index included Suncor Energy Inc., which rose 2.2% to CA$42.71, and Canadian Natural Resources Ltd., up 2% to CA$43.93.
Both major oil producers have gained about 9% since Nov. 11.
The energy group climbed 2.3%, with Encana Corp. advancing 3.9% to CA$16.40.
Shares in TransAlta Corp., the country's largest operator of coal-fired plants, declined 1.8% to CA$5.52.
Canada announced on Nov. 21 that it will virtually eliminate the use of traditional coal-fired electricity by 2030.
Around 10:30 a.m. EDT (1526 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 116.14 points, or 0.78%, to 14,980.17.
Eight of the index's 10 main groups were in positive territory, with five advancers for every decliner.
The financials group gained 0.4%, with Royal Bank of Canada up 1% to CA$88.11, while industrials rose 0.7%.
The materials group, which includes precious and base metals miners and fertilizer companies, added 1% as copper and gold prices both pushed higher.
U.S. crude prices were up 2.4% to $46.80 per barrel (bbl), while Brent added 2.8% to $48.17/bbl.
Canadian wholesale trade unexpectedly fell 1.2% in September from August, dropping for the first time in six months after a series of strong gains, Statistics Canada data indicated on Nov. 21.
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