Financials Lead TSX Higher -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Thursday, extending this week's gains amid stronger financials and expectations of a U.S. interest rate hike.

The S&P/TSX Composite Index was up about 100 points at 14,829.49, again testing its yearly highs.

One day after a similar move by Royal Bank, TD Bank (TD.TO) has raised long-term fixed mortgage rates.

Analysts say this will lead to strong profits next year, as home buyers rush to lock in rates as they go up.

Energy stocks were flat, even as crude oil futures edged lower near $45 a barrel.

Suncor (SU.TO) expects its 2017 oil production to rise 13% even as the company lowers spending.

December West Texas Intermediate fell 15 cents, or 0.3%, to settle at $45.42 a barrel on the New York Mercantile Exchange.

Saudi Energy Minister Khalid al-Falih said he was optimistic that the Organization of the Petroleum Exporting Countries will finalize plans to cut production.

Still, traders are skeptical of a deal given Iran's insistence on being exempt from any agreement.