Canadian Stock Market Notably Higher As Energy Stocks Rise Sharply

(RTTNews) - The Canadian market is notably higher Wednesday afternoon, supported by strong gains in the energy sector after crude oil prices rose sharply after data showed a larger-than-expected drop in U.S. crude inventories last week.

The benchmark S&P/TSX Composite Index is up 130.86 points or 0.6% at 20,684.11 about a couple of hours past noon.

The Capped Energy Index is up 3.7%. Vermilion Energy (VET.TO), up nearly 6%, is the top gainer in the index. Crescent Point Energy (CPG.TO) is gaining 5.3% and Enerplus Corp (ERF.TO) is up 5.1%.

Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Tourmaline Oil Corp (TOU.TO) and Parex Resources (PXT.TO) are up 4.2 to 5%.

Lithium Americas Corp (LAC.TO), Methanex Corporation (MX.TO), Canadian National Railway (CNR.TO), Nutrien (NTR.TO) and Lightspeed Pos (LSPD.TO) are gaining 2.5 to 4.8%.

Teck Resources (TECK.B.TO), Canada Goose Holdings (GOOS.TO), CCL Industries (CCL.A.TO), Colliers International (CIGI.TO) and Restaurant Brands International (QSR.TO) are down 1 to 3.2%.

On the economic front, the annual inflation rate in Canada accelerated a more than 18-year high of 4.1% in August from 3.7% in July. The forecast was for a 3.9% reading.

The Consumer Price Index in Canada increased 0.2% in August of 2021 over the previous month, data from Statistics Canada showed.

Core consumer prices in the country increased 3.5% in August over the same month in the previous year.

Another report from Statistics Canada said car Registrations in Canada decreased to 156049 Units in July from 168838 Units in June of 2021.