Canadian Stocks Charge To Highest Since Last Summer -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Wednesday, extending strong recent gains as crude oil prices surged near $50 a barrel.

Metal shares rebounded and also big banks also performed well as the Bank of Canada held steady on interest rates. The BoC sees the Canadian economy shrinking in second quarter due to the Alberta wildfires.

The S&P/TSX Composite Index rose 100.89 points, or 0.72 percent, to 14,053.74. The index touched its highest since last August.

Energy stocks jumped another 2.35 percent. July WTI oil settled at $49.56/bbl, up 94 cents, or 1.9% -- the highest level since Oct. 9.

Gold stocks rose 1.5 percent even as bullion futures slipped for sixth straight session.

Bank of Montreal's (BMO.TO) profit fell 3 per cent to $973 million due to a restructuring charge. Still, shares jumped 1.3 percent.