TSX Rises, Led By Banks And Energy -- Canadian Commentary

(RTTNews) - Canadian stocks rose Wednesday despite signs the Bank of Canada will soon raise interest rate. Oil prices rose despite a build in U.S. stockpiles, helping gains in the energy sector.

Financials and health care stocks also rallied.

The TSX Composite Index was up 74.36 points, or 0.49 percent, to 15,355.58.

U.S. authorities have charged Penn West Petroleum Ltd (PWT.TO) and several of its former top finance executives with accounting fraud.

"We are naturally disappointed that the SEC has chosen to pursue these past matters which we reported to them and fully remediated years ago," Chief Executive Officer David French said. "This is particularly true since the employees involved in the matters have long since left the company," he added.

Shares dropped 4.6%.

Royal Bank (RY.TO) will pay almost $22 million in compensation to clients who were charged excess fees on certain investments.

Shaw Communications Inc. (SJR) said its profit from continuing operations rose to C$164 million, or 33 Canadian cents per share, in its third quarter, from C$74 million, or 14 Canadian cents per share, a year earlier.

Sales were higher amid subscriber growth.

Empire (EMP.TO), the parent of Sobeys grocery chain, reported a decline in adjusted earnings for the first full quarter.

Michael Medline, the new CEO, says the company's turnaround is in effect. "Having said that, we are not where we want to be and we are most certainly not out of the woods yet," Medline said.