Canada's S&P/TSX Composite Index Reaches One-Month Closing High

(RTTNews) - Canadian stocks moved mostly higher during trading on Wednesday, as traders returned to their desks following the long holiday weekend.

The benchmark S&P/TSX Composite Index climbed 114.97 points or 0.5 percent to 21,344.65, ending the session at its best closing level in a month.

Energy stocks helped to lead the market higher, with the S&P/TSX Capped Energy Index jumping by 2 percent.

The rally by energy stocks came as the price of crude oil for February delivery rose $0.58 to $76.56 a barrel, extending a recent upward trend.

Crude oil prices moved to the upside after a report from the Energy Information Administration showed U.S. crude oil inventories fell by more than expected last week.

The report showed crude oil inventories slid by 3.6 million barrels in the week ended December 24, exceeding economist estimates for a decrease of 3.1 million barrels.

Gasoline inventories also fell by 1.5 million barrels last week, while distillate fuel inventories declined by 1.7 million barrels.

Consumer discretionary, real estate and financial stocks also saw notable strength on the day, while healthcare stocks bucked the uptrend and moved sharply lower.