Roundup: Canadian stock market gains over miners, industrials rally

Canada's main stock market in Toronto Wednesday rose sharply as a rally in miners and industrial shares boosted the trading sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's/ TSX Composite Index jumped 119.58 points or 0.9 percent to close at 13,399.97 points, with seven of the eight most weighed sectors in the rising streak.

The mining sector boosted 3.2 percent, the biggest rise in a single trading day during this month, when its heavyweight First Quantum Minerals Ltd. gained 2.75 percent to 5.24 Canadian dollars (about 3.93 U.S. dollars), and the gold giant Barrick Gold Corp. also advanced 3.66 percent to 9.63 Canadian dollars per share.

Meanwhile, Industrials added 2.01 percent when Canadian Pacific Railway Limited rallied 5.56 percent to 194.94 Canadian dollars.

In companies'news, Teck Resources Ltd. gained 0.96 percent to 6.29 Canadian dollars after the copper and steel-making coal producer said on Tuesday night that it would cut its workforce by about 1,000 positions to conserve capital and lower operating costs.

And Canada's biggest railway and aircraft maker Bombardier was reportedly in talks with the Canadian government about a further financial support for its struggling CSeries jet program, which is expected to turn a profit by around 2020. Bombardier's stock price spiked 3.23 percent to 1.28 Canadian dollars per share.

However, Energy, the only loser in TSX, was lower 0.25 percent when Suncor Energy shrank 2.83 percent to 37.48 Canadian dollars after the country's largest oil and gas producer said on Tuesday after the closing bell that its oil sands production is expected to be slightly reduced in 2016, versus 2015.

On the currency front, the Canadian dollar Wednesday moved lower to 0.7509 U.S. dollar at 4 O'clock (the Canadian Eastern Daylight Time), when compared with 0.7514 U.S. dollar on Tuesday. Enditem