Canadian Stocks Steady After Recent Losses -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Wednesday, trimming recent losses despite a big drop in crude oil prices.

Bargain hunters stepped in after yesterday's significant retreat across most most sectors.

The S&P/TSX Composite Index was up 17.17 percent, or 0.12 percent, to 14,366.27.

Crude oil inventories in the U.S. fell by 600,000 barrels last week to 510.8 million barrels, the Energy Information Administration reported, staying at unseasonably high levels.

The data confirmed suspicious that the 14.5 million barrel drawdown two weeks ago was a one-off related to Hurricane Hermine, which interrupted production from the Gulf of Mexico.

Oct. WTI oil settled at $43.58/bbl on Nymex, down $1.32, or 2.9%, the lowest since September 1.

TD Securities, a unit of TD Bank (TD.TO), is acquiring New York-based broker-dealer Albert Fried & Co. Shares were down 0.6 percent.

W. Galen Weston stepped down as executive chairman at George Weston Limited (WN.TO). Shares were up 0.6 percent.