Bay Street Rebounds On Broad-Based Strength -- Canadian Commentary

(RTTNews) - Canadian stocks advanced Wednesday amid clarity on the U.S. interest rate situation.

In hawkish minutes from the Federal Reserve's most recent interest rate meeting, officials say they are open to a December interest-rate hike.

Earlier in the day, Rob Kaplan, the new president of the Dallas Fed, in his first speech said it was time to end the zero interest rate policy.

Markets on both sides of the border took the signals in stride.

Powered by modest strength in most sectors, the S&P/TSX Composite Index gained 119.58 points to 13,399.97, trimming steep recent losses.

Suncor Energy (SU.TO) said 2016 production will be lower amid depressed crude oil prices. Shares fell 2.8%.

Canadian Pacific Railway (CP.TO) has made an unsolicited cash and stock bid for U.S. rival Norfolk Southern Corp valued at $28.35 billion. CP jumped 5.5%.

Metro (MRU.TO) reported net earnings per share rose 18.2% to C$0.52 from C$0.44 last year. The stock was up fractionally.