Canada's main stock market, Toronto Stock Exchange, on Wednesday ended higher as energy sector gained some momentum over the higher price of crude oil.
Toronto Stock Exchange's S&P/TSX composite index advanced 0.42 percent, or 55.21 points, to close at 13,559.69, with both energy and financials sectors going up 0.98 percent.
Encana Corp., a Canadian energy producer, added 1.91 percent to 20.83 Canadian dollars (about 18.8 U.S. dollars), while Canadian Natural Resources Ltd., rose 1.76 percent to 37.63 Canadian dollars. However, China National Offshore Oil Corporation ("CNOOC") , China's largest offshore oil and gas producer, tumbled 3.96 percent, to close at 166.15 Canadian dollars.
Financials, the most weighed sector of the S&P/TSX composite index, strengthened momentum by increasing 0.98 percent. Royal Bank of Canada, the country's biggest lender, was up 1.02 Canadian dollars to 69.08 Canadian dollars, and Manulife Financial Corp., also added 1.01 percent to 19.95 Canadian dollars.
The decliners of the S&P/TSX composite index were led by the telecom sector, which went down by 1.27 percent, as Canada's industry minister James Moore announced that telecommunications companies will be required to consult with communities when it comes to building new cellphone towers, regardless of their sizes.
Leading companies in the telecom sector suffered big losses. Rogers Communications, Inc.(RCI.A), Canada's communications and media giant, declined 1.04 percent to 46.5 Canadian dollars per share, and another giant, Telus Corporation, was down 1.78 percent as well.
Shares of Barrick Gold Corp, the world's biggest gold producer, went down by 3.06 percent to 20.56 Canadian dollars per share.
And Goldcorp Inc. also dropped 1.22 percent to 27.48 Canadian dollars, since the gold trader was forced to accept a nearly three- week extension for its takeover offer of Osisko Mining Corp., after a lawsuit against Goldcorp bungled its plans to take control of the smaller miner this month. Osisko shares also went down 0.91 percent to 6.53 Canadian dollars.