(Reuters) - Canada’s main stock index rose on Wednesday, driven by gains in energy shares on the back of a rise in oil prices as OPEC and its allied producers discuss cutting supply.
* The energy sector climbed 2.3 percent as U.S. crude prices were up 1.6 percent, while Brent crude added 2.0 percent. [O/R]
* Oil rallied towards $67 per barrel earlier in the session, after Reuters reported OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned earlier.
* Also helping the main index was Tahoe Resources, which rallied 47.59 percent, after Pan American Silver Corp agreed to buy the miner for $1.07 billion in cash and stock deal.
* Pan American Silver Corp, which fell 8.9 percent, was the second biggest decliner on Canada’s main index.
* Canada Goose Holdings Inc jumped 20.7 percent, the second biggest gainer on the TSX, after the luxury apparel maker reported better-than-expected quarterly profit as revenue from its online and branded stores more than doubled, helping it raise its forecast for the full year.
* At 9:44 a.m. ET (14:44 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 117.4 points, or 0.78 percent, at 15,249.18.
* The Canadian dollar edged higher against its broadly weaker U.S. counterpart on Wednesday, extending its recovery from a nearly four-month low the day before as oil prices rebounded.
* The healthcare sector fell 4.6 percent, the most among the three sectors that were trading lower, weighed by a drop in shares of cannabis producers.
* Canopy Growth declined 5.2 percent after posting a bigger-than-expected quarterly net loss.
* On the TSX, 209 issues were higher, while 29 issues declined for a 7.21-to-1 ratio favoring gainers, with traded volumes touching 24.28 million shares.
* Cineplex plunged 17.5 percent, the most on the TSX, after the company reported third-quarter revenue that missed estimates.
* The most heavily traded shares in terms of volume were Royal Nickel Corp, Aurora Cannabis Inc, and Bombardier Inc.
* The TSX posted six new 52-week highs and five new lows.
* Across all Canadian issues, there were 10 new 52-week highs and 24 new lows, with total volume touching 40.47 million shares.
Reporting by Amy Caren Daniel in Bengaluru; Editing by James Emmanuel