Canadian Stocks On Winning Streak -- Canadian Commentary

(RTTNews) - Canadian stocks continued to rise Wednesday, powered by gains in the energy sector thanks to higher crude oil prices.

The TSX Composite Index was up 59.06 points, or 0.38 percent, to 15,657.63, its highest in two weeks.

Energy stocks jumped 2 percent. Crude oil futures rallied to 3-week highs after data showed a smaller than expected build in U.S. crude oil inventories.

Adding to a record surplus, the EIA reported crude oil stockpiles rose 900,000 barrels last week.

Also, gasoline inventories continued to fall, dropping another 3.7 million barrels in a sign of impending demand for crude oil in the coming weeks.

WTI light sweet crude oil was up $1.14, or 2.4%, to settle at $49.51/bbl.

In Europe, the EU confirmed it received a letter from the UK triggering Brexit's Article 50. Speaking in the House of Commons, UK PM Theresa May said, "This is a historic moment, and there's no turning back."

Russia's Alrosa is not interested in buying Dominion Diamond (DDC.TO), Reuters reports. Diamond has already received an unsolicited takeover bid from Washington Cos. DDC shares were down 0.7 percent.

Bombardier (BBD-B.TO) added 1.9 percent. Bombardier Commercial Aircraft announced that Dublin-based regional carrier CityJet has exercised the four options that were part of a recent purchase agreement.

Manulife Financial (MFC, MFC.TO) said Roy Gori, currently Senior Executive Vice President and General Manager of Manulife's Asia Division, has been appointed the company's President, effective June 5. Shares were up fractionally.

Sierra Metals Inc.(SMT.TO) said CEO Marc Brennan has quit.