Canada's main stock index climbed up Wednesday to the highest point in more than 2.5 years amid World Bank's positive outlook for global economic growth, which is seen as beneficial for Canada's export.
Toronto Stock Exchange's S&P/TSX composite index increased 80.2 points, or 0.59 percent, to close at 13,772.58, the highest since June 2011.
The World Bank's twice-yearly Global Economics Prospects report said global growth is expected to rise from 2.4 percent in 2013 to 3.2 percent this year and 3.4 percent in 2015.
The report also helped boost the TSX metals sector, which advanced 3.71 percent, leading the increase, with Teck Resources Limited up 1.03 Canadian dollars to 27.32.
The energy sector regained some momentum since crude oil for February delivery went up to 94.17 U.S. dollars per barrel on New York Mercantile Exchange. Kelt Exploration Ltd., a Calgary-based oil and gas company, went up by 3.88 percent to 10.17 dollars.
The performance of Canadian real estate market in December also pushed up TSX.
According to the Canadian Real Estate Association (CREA), the number of existing homes that changed hands in Canada in December was nearly 13 percent higher than a year earlier.
If the government doesn't further tighten rules, then this year 's sales could surpass those of 2013, assuming demand holds steady and that a strengthening economy and job gains offset expected small increases in mortgage rates, said CREA's chief economist Gregory Klump.
Some gainers could be seen in the real estate sector. Riocan Real Estate Investment Trust (REI.PR.A), Canada's real estate investment trust focusing exclusively on retail, gained 0.16 percent to close at 25.28 Canadian dollars. And Brookfield Real Estate Services Inc. posted an increase of 2.77 percent closing at 14.09 Canadian dollars per share.
However, Allied Properties Real Estate Investment Trust, manager and developer of urban office environments, was down 0.43 percent to 32.65 Canadian dollars.
The Canadian dollar closed slightly up at 0.9140 U.S. dollar on Wednesday from 0.9134 U.S. dollar on Tuesday.