Canada Stocks Slip A Bit Late On, But Still Recover 140 Pts To Near 20,700 On Higher Oil Price

Last Updated: Wednesday, September 15, 2021 4:06 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, has at least for now ended a negative run that had seen it drop about 350 points from all time record intraday highs hit earlier this month, on Wednesday rebounding 140 points -- albeit it lost at least 10 points in the final minutes -- and climbing back to near the 20,700 level, buoyed by higher oil prices.

Among key sectors, Energy gained 2.3% -- led by Cenovus (CVE.TO) up near 6% -- and both Industrials and Financials rose near 0.6%.

Of commodities, gold fell back below the US$1,800 mark on Wednesday as lower than expected U.S. inflation data released a day earlier is being judged as unlikely to spur the Federal Reserve to move off its ultra-loose monetary policy. Gold for December delivery settled down $12.30 to US$1,794.80 per ounce.

But West Texas Intermediate crude oil rose 3.1% after the Energy Information Administration reported U.S. oil inventories fell to a two-year low. WTI for October delivery settled up $2.15 to US$72.61 per barrel, Marketwatch reported, the highest this month. November Brent crude, the global benchmark, was last seen up $2.04 to US$75.64 while Western Canada Select was up $1.77 to US$60.38 per barrel.

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