(MENAFN- ProactiveInvestors) Canadian shares advanced for a second day as energy producers rallied with oil prices and gold miners rising. The resource-heavy benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 1.9 percent to 14125.65 at 12:34 p.m. in Toronto. More than nine stocks gained for every share that declined as 8 out of 10 main industries advanced.
The energy sector the main index's second most heavily weighted group was the biggest advancer with a 7.7 percent rally as crude oil rebounded on speculation that a slide in prices to a five-year low was excessive.
(TSE:HSE) (TSE:HSE-A) jumped 9.4 percent to C$25.55 after Canada's third-largest integrated oil company said it expects capital spending to decline by a third in 2015 from 2014.
() climbed 7.2 percent to C$3.14 after agreeing to acquire a 50 percent non-operated working interest in producing oil properties in Alberta for C$100 million.
Energy (TSE:SU) Canada's largest oil sands producer soared 8.4 percent to C$35.77. () Canada's largest pipeline company edged up 0.8 percent to C$55.04.
WTI for January delivery rose 4.5 percent to $58.44 a barrel at 12:15 p.m. on the New York Mercantile Exchange. Brent for February settlement gained 5.3 percent to $63.17 a barrel on the London-based ICE Futures Europe exchange.
The materials sub-index which includes mining shares increased 2.9 percent as gold prices edged back above $1200 ahead of the outcome of the U.S. 's last policy meeting of the year.
(TSE:ABX) gained 2.2 percent to C$12.28. (TSE:G) added 3.3 percent to C$20.53.
Spot gold was up 0.4 percent at $1201.40 by 1222 GMT.
The financials group which accounts for approximately 36 percent of the main measure more than any other group gained 1 percent. () which has the heaviest weighting in the index tacked on 1.3 percent to C$79.53. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value rose 0.8 percent to C$52.94.
Hudson's Bay (TSE:HBC) gained 0.4 percent to C$23.76 after the Canadian department store operator named former Toys R Us chief executive officer Gerald Storch as its new CEO.
BlackBerry (TSE:BB) rose 3.1 percent to C$11.38 as the Waterloo Ontario-based smartphone maker is set to unveil its latest device the Classic later today. The product which will support a QWERTY keyboard is meant to appeal to the company’s traditional customers.
The junior () climbed 1.9 percent to 654.74 at 12:16 p.m. in Toronto. The 405-company measure has lost 31 percent so far this year.
In economic news Canadian wholesale sales rose in October as higher prices for live animals pushed agricultural receipts to a record high. Statistics Canada said today that sales rose 0.1 percent to C$54.2 billion as farm products surged 13.5 percent to C$815 million. Live-animal prices in the raw materials price index rose 24.6 percent in October from a year earlier the agency said.
In the U.S. market shares gained as energy shares rebounded for a second day and investors bet the will remain supportive of the economy. The S&P 500 (INDEXSP:.INX) added 1.2 percent at 11:47 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) edged up 0.9 percent while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rose 1 percent. Most followed shares included Spirit Airlines Dave & Buster’s Entertainment Auspex Pharmaceuticals Volcano Moody’s Cliffs Natural Resources and .
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