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Canadian stocks surge after unexpected OPEC deal

Xinhua, September 29, 2016 Adjust font size:

Canada's main stock market surged Wednesday after news of an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other oil producing countries to control production levels.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was up 173.39 points, or 1.19 percent, to close at 14,731.43 points. Eight of the ten sub-sectors in the index gained ground on the day.

In the afternoon, OPEC and other oil producing countries reached a surprise agreement to cut output on the final day of the International Energy Forum in Algiers, Algeria. The deal is expected to be finalized in Vienna on Nov. 30.

Due to the news, crude oil prices spiked 5 percent, with U.S. light sweet crude oil for November delivery rising 2.23 dollars to 47.16 U.S. dollars a barrel in New York. In London, a barrel of Brent crude for delivery in the same month rose 2.44 dollars to 48.30 U.S. dollars.

The TSX Energy group jumped 5.30 percent on the trading day. Shares of Western Canada-based energy producers Baytex Energy Corp. and MEG Energy Corp erupted 15.40 percent and 13.27 percent, respectively to close at 5.62 Canadian dollars (4.29 U.S. dollars) and 5.55 Canadian dollars (4.24 U.S. dollars).

The financial sector advanced 0.72 percent on the day as Bank of Nova Scotia shares grew 0.97 percent to 70.77 Canadian dollars (54.05 U.S. dollars). Royal Bank of Canada, Canada's largest financial institution gained 0.88 percent to close at 81.46 Canadian dollars (62.21 U.S. dollars) a share.

Earlier in the day, Blackberry Limited released better-than-expected second-quarter financials and announced its decision to focus on software rather than hardware. Share prices of the company rose 4.61 percent Wednesday to close at 10.89 Canadian dollars (8.32 U.S. dollars a share).

The Canadian dollar was up 0.0064 dollars to close at 0.7637 dollars, compared to yesterday's end of day rate of 0.7573 U.S. dollars. Endit