TORONTO (Reuters) - Toronto's main stock index climbed broadly on Wednesday morning as strength in commodity prices boosted oil companies Canadian Natural Resources and Suncor Energy and other resource shares.
Suncor was among the top gainers, rising 1.6 percent to C$35.51, while Canadian Natural was up 1.9 percent at C$70.34 as the price of oil approached $81 a barrel.
Gold shares added to big gains made on Tuesday as the price of the precious metal hit a record above $1,095 an ounce. Barrick Gold rose 1.1 percent to C$42.45, but Agnico Eagle fell 2.1 percent to C$61.49 after disappointing results and outlook last week prompted a series of price and ratings cuts.
"One thing that we have to watch is the continuation of gold. If gold breaks $1,100...that would probably be bullish for the commodity and for the TSX," said Paul Gardner, partner & portfolio manager at Avenue Investment Management.
At 10:45 a.m. (1545 GMT), the S&P/TSX composite index was up 145.25 points, or 1.32 percent, at 11,171.15.
Financial shares also added support to the index ahead of a key interest rate decision by the U.S. Federal Reserve.
While U.S. interest rates are expected to be left steady, the greater interest is in the Federal Open Market Committee statement, which is expected to reaffirm current supportive policies for the economy, even as signs of recovery grow.
Manulife led all advancers with a 2.5 percent rise to C$20.90. Insurers will be in focus this week when they report quarterly earnings.
There will be a lot of complex provisions and one-time items but the bottom line is they are expected to stay profitable and their dividends appear safe.
Industrial Alliance Insurance and Financial Services kicked off the series with a 17 percent rise in third-quarter profit. [ID:nN04155572] The stock was up 1.6 percent at C$29.81.
Market players also have a slew of corporate results to wade through on Wednesday, including two of the country's biggest pipeline companies: TransCanada and Enbridge.
(Reporting by Ka Yan Ng; editing by Rob Wilson)
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