TORONTO (Reuters) - Canada’s main stock index rose on Wednesday after investor sentiment rebounded following a bullish U.S. inflation report and energy stocks rallied on strong oil prices.
U.S. consumer prices rose at a faster-than-expected rate in January, raising concerns that the Federal Reserve will accelerate its timetable to raise interest rates this year.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 111.8 points, or 0.73 percent, to 15,328.27. Seven of the index’s 10 main groups were in positive territory.
The materials group, which includes precious and base metals miners, added 2.8 percent. The prices of gold, silver and copper posted strong gains. Barrick Gold Corp advanced 3 percent to C$17.14, and Goldcorp Inc jumped 5 percent to C$16.78.
The financials sector was up 0.6 percent. Canadian Imperial Bank of Commerce added 0.7 percent to C$115.51, and Bank of Nova Scotia rose 1.1 percent to C$77.73.
The energy group climbed 1.9 percent. Canadian Natural Resources Ltd jumped 2.7 percent to C$39.66, and Suncor Energy added 0.8 percent to C$42.52.
U.S. crude oil prices advanced 2.6 percent in a choppy session.
Reporting by John Tilak and Fergal Smith; Editing by Ian Simpson and Grant McCool