Energy Stocks Drive TSX Higher -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Wednesday, powered by strong gains in the energy sector after crude oil prices jumped to their highest in six weeks. Encouraging economic news also had investors in a chipper mood. The TSX Composite Index added 95.14 points, or 0.63 percent, to 15,244.71.

Energy stocks were up 3 percent, thanks to a surprisingly large drop in U.S. oil inventories.

August crude oil rose 66 cents, or 1.4%, to $47.06 a barrel on the New York Mercantile Exchange, its highest in six weeks.

In economic news, Canada's manufacturing sales increased for the third consecutive month, up 1.1% to $54.6 billion in May. The gain was mainly attributable to higher sales in the transportation equipment and chemical manufacturing industries, Stats Canada said.

Canadian Pacific (CP.TO) after the closing bell reported second quarter earnings per share rose sharply from a year ago.

Chorus Aviation (CHR.TO) announced today agreements by Chorus Aviation Capital's subsidiaries to acquire two Embraer 190 aircraft. Shares rose 0.6 percent.

Clairvest Group Inc. (CVG.TO) will sell CRS to Sunbelt Rentals, the North American business of Ashtead Group, for C$275 million plus a potential earn out.

Sabina Gold & Silver Corp (SBB.TO) added 4.3 percent after the miner earned approval for its Back River gold project in the northern territory of Nunavut.

Kinder Morgan Canada (KML.TO) releases its first earnings this evening. Shares were flat today.