Toronto stocks closed higher on Wednesday as record oil prices boosted the energy sector and influential financial shares rebounded. The Toronto Stock Exchange S&P/TSX composite index rose 26.69 points, or 0.28 percent, to 10,509.72. The energy sector rose a market-leading 1.8 percent, followed by a 0.39 percent climb by the financial index. Four of the TSX's 10 subindexes ended higher.
An unexpected drop in US gasoline supply, coupled with worries that a gathering Caribbean storm could damage US oil production platforms, helped US crude touch a record $67.40 a barrel. It settled up $1.61 at $67.32 a barrel.
Shares of EnCana Corp, the main contributor to the market's gain, rose C$1.21, or 2 percent, to C$52.95, while Canadian Natural Resources ended up C$1.70, or 3 percent, at C$55.20.
Financial stocks reclaimed some losses from the previous session, in which disappointing results from Bank of Montreal sparked concerns of similar showings by its peers.
But analysts said details of the report were not as worrisome as first thought and Canadian Imperial Bank of Commerce followed with a quarterly loss on Wednesday that, excluding a charge to settle Enron-related litigation, topped estimates.
Shares of BMO rose 40 Canadian cents, or 0.68 percent, to C$58.90, while Royal Bank of Canada, scheduled to report on Friday, gained 47 Canadian cents, or 0.6 percent, to C$76.25.
CIBC shares fell 27 Canadian cents, or 0.39 percent, to C$68.82 due partly to questions about its ability to meet its 10 percent earnings per share growth target this year.