Canadian shares recovered more than 1% on Wednesday as investors cheered higher-than-expected domestic growth data.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 1.2% to $13,188.72 at 12:17 p.m. in Toronto.
More than three shares advanced for every issue that declined as nine out of ten share groups were in positive territory.
The gauge has lost 9.9% this year, compared with a 7.6% loss for the S&P 500 (INDEXSP:.INX).
The world's 11th largest economy grew 0.3% in July, ahead of median analysts’ estimates for a 0.2% increase.
The healthcare sector was the largest advancer with a 4.5% gain. Valeant Pharmaceuticals International (TSE:VRX), Canada’s largest drug-maker, jumped 6.6% to $225.90, stretching this year’s rally to 36%.
Financials, the index's most heavily weighted sector, rose 1.7%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 1.9% to C$73.33, paring this year’s retreat to 8.6%.
Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, added 1.7% to $52.33.
The energy sector, the main index's second most heavily weighted group, rose 0.4% as oil, Canada’s largest export, was volatile at midday on Wednesday.
Suncor Energy (TSE:SU), Canada's largest oil sands producer, skidded 0.3% to C$35.40. Canadian Natural Resources Limited (TSE:CNQ), Canada’s second-largest energy producer, fell 0.8% to C$36.03.
On the New York Mercantile Exchange, November West Texas Intermediate crude traded at $45.48 a barrel, up 0.6%.
The materials sub-index, which includes mining shares, rose 0.6% even as gold fell 1% on Wednesday.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, added 0.4% to C$16.42. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, slipped 0.7% to C$8.28.