Canadian stocks reach 15-month high

Canada's main stock market ended Wednesday at the highest point since June 2015, as the central bank kept interest rates unchanged.

The Toronto Stock Exchange's benchmark Standard&Poor's/TSX Composite Index rose 88.24 points, or 0.60 percent, to close the day at 14,840.49 points. Seven of the 10 sub-sectors in the index finished the session ahead.

After starting the year poorly, the TSX has bounced back with a 20 percent increase since hitting rock bottom in February.

On Wednesday morning, Bank of Canada Governor Stephen Poloz announced that the overnight lending rate would remain intact at 0.5 percent.

The news was not a surprise to many, including Brian DePratto, Economist at TD Bank. "This is not surprising, as their hands are effectively tied right now," DePratto commented on the decision to freeze the interest rate.

The economist further elaborated, "an interest rate cut would likely do little to nothing to spur exports, while potentially undoing much of the impact of recent housing market rule changes, spurring further financial stability risks."

Gold continued its upswing, rising 0.55 percent to 1,269.90 U.S. dollars an ounce for a contract in December.

The TSX Materials Group, which features miners of gold and other precious metals, rose 1.81 percent, the biggest gains for the third straight day.

Heavyweights Barrick Gold and IAMGOLD Corporation also saw shares rise of 5.68 percent to 22.69 Canadian dollars (17.29 U.S. dollars) and 5.85 percent to 5.07 Canadian dollars (3.86 dollars).

The energy sector also propelled 1.68 percent, as crude oil prices continued to rise after U.S. inventories fell for six out of the last seven weeks.

Texas light Sweet Crude for November delivery traded at a 15-month high mid-session and ended the session up 2.6 percent to close at 51.60 dollars a barrel.

Shares of energy distributor Enbridge Inc. rose 1.08 percent to 58.79 Canadian dollars (44.79 dollars) after the firm announced it would be cutting 5 percent of their 11,000-plus workforce in Canada and the United States.

Canopy Growth Corp shares continued to thrive, rising 7.13 percent to 7.06 Canadian dollars (5.38 dollars) a share. The Smith Falls-based company that produces and sells legal marijuana has seen stocks surge 28.83 percent over the last five days, and 137.71 percent since the beginning of the year.

The Canadian dollar ended the day the same as Tuesday's closing rate of 0.7619 dollars. Endi