(Reuters) - Canada’s main stock index rose on Wednesday, led by gains in energy stocks after oil prices climbed on tighter supplies.
** At 9:48 a.m. ET (1348 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was up 49.6 points, or 0.3 percent, at 16,386.05.
** Nine of the index’s 11 major sectors were higher.
** The energy sector rose 0.7 percent, as U.S. crude prices were up 0.7 percent, while Brent crude added 0.5 percent. [O/R]
** Crude oil prices rose back towards five-month highs hit the previous day, as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased.
** Amid growing global trade tension, Canada is looking at ways to boost the effectiveness of its retaliatory tariffs against the United States, Foreign Minister Chrystia Freeland said on Tuesday.
** On the TSX, 183 issues were higher, while 48 issues declined for a 3.81-to-1 ratio favoring gainers, with 17.86 million shares traded.
** The largest percentage gainers on the TSX were Cogeco Communications, which jumped 5.7 percent followed by Meg Energy Corp, which rose 4.1 percent.
** Metro Inc fell 1.6 percent, the most on the TSX, followed by Home Capital Group, down 1.2 percent.
** The most heavily traded shares by volume were Harte Gold Corp, Crescent Point and Stornoway Diamond.
** The TSX posted eight new 52-week highs and no new low.
** Across all Canadian issues there were 19 new 52-week highs and two new lows, with total volume of 31.27 million shares.
Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila