TSX Jumps Nearly 200 Points As Brexit Seems Forgotten -- Canadian Commentary

(RTTNews) - Canadian stocks surged higher for a second session Wednesday as traders put last week's Brexit vote in the rear view mirror.

Bargain hunters swooped in after the post-Brext swoon, pushing stocks sharply higher since Monday.

Analysts point to optimism that the global economy can withstand whatever fallout from the UK's messy break up with the European Union.

The S&P/TSX Composite Index rose 194.05 points, or 1.4 percent, to 14,036.74.

Energy stocks led the way, as August WTI oil settled at $49.88/bbl on Nymex, up $2.03, or 4.2%

A huge drop in US oil inventories fueled the rally.

Commercial crude oil inventories decreased by 4.1 million barrels from the previous week.

Brookfield Asset Management Inc (BAM.A.TO) reported a 12.13 percent stake in SunEdison's TerraForm Power. Shares rose 1.4 percent.

Canadian Imperial Bank of Commerce (CM.TO) said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $4.9 billion. CIBC shares slipped 2.6 percent.

Bombardier's (BBD.A.TO) Transportation unit signed a rail vehicle services and maintenance contract with an undisclosed customer. The contract is valued at approximately 355 million euros or $393 million. Shares rose 0.9 percent.

Empire Co (EMP.A.TO), the parent of grocery chain Sobeys, posted a loss of $942.6-million in the fourth quarter.