Energy Stocks Lag Despite Crude Oil Rally -- Canadian Commentary

(RTTNews) - Canadian stocks rose Wednesday, athough energy stocks posted only modest gains despite a significant rally in crude oil prices.

May WTI oil ended at $42.63/bbl on its Nymex expiration day, up $1.55, or 3.8%. That's the highest closing mark of 2016.

Prices surged even though Kuwait oil workers ended their 3-day strike.

Still, energy stocks were up only 0.3%, while gold stocks slipped 1.9% after recent gains. Base metal miners continued rise, picking up another 1.5%.

The S&P/TSX Composite Index was up 44 points, or 0.32%, to 13.911.29.

CP Rail (CP.TO) increased to the company's quarterly dividend to $0.50 per share from $0.35, and launched a share buyback. Shares slipped 0.7%.

Fortis Inc. (FTS.TO) will acquire a 19.9% equity interest in ITC Holdings Corp. (ITC) for $1.3 billion in cash.

Loblaw (L.TO) says it will open 50 new stores this year.