Canadian shares advanced for the fourth session in five as energy stocks led the gains on higher crude prices.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 1% to 13,777.58 at 11:49 a.m. in New York. Three shares advanced for every issue that declined as nine out of ten share groups were in positive territory.
The energy sector, the main index's second most heavily weighted group, rose 1.6% as oil prices sugred 3%.
Suncor Energy (TSE:SU) advanced 1.8% to C$34.66 after Canada's largest oil sands producer said it will buy another 10% stake in the Fort hills oil-sands project from Total S.A. (NYSE:TOT)’s Canadian unit for C$310mln.
Canadian Natural Resources Limited (TSE:CNQ), Canada’s second-largest energy producer, added 1.4% to C$27.33.
Global benchmark Brent Crude Oil increased $1.28 to a high of $48.75 a barrel before easing back to trade around $48.47. U.S. light crude oil futures rose $1.51 a barrel at $46.19.
Financials, the index's most heavily weighted sector, added 1.5%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, inched up 0.4% to C$72.73.
Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, picked up 1.3% to C$52.34.
The materials sub-index, which includes mining shares, was the only laggard with a 1.2% drop.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, slipped 0.5% to C$17.77. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, retreated 1.2% to C$8.82.
Gold decreased from the previous session's near three-week high on Monday. Spot gold was down 0.5% at $1,133.30 an ounce, while U.S. gold futures for December delivery were down $4.80 an ounce at $1,133.00.
Concordia Healthcare (TSE:CXR) added 2.1% to C$98.50 after the healthcare company said it plans a public offering of 8mln shares. Concordia said proceeds will be used in part to fund its purchase of Amdipharm Mercury Ltd.
In economic news, data from Statistics Canada showed on Monday that the value of Canadian wholesale trade was unchanged in July as gains in sectors including machinery and motor vehicles were offset by declines in the food industry.
Sentiment in Canada is often influenced by news out of the United States, Canada's largest trading partner.