TSX Fights Into Positive Territory As Oil Prices Jump -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Wednesday, reversing early losses as crude oil prices rocketed higher.

The S&P/TSX Composite Index rose 150.76 points, or 1.21 percent, to 12,593.02.

Energy stocks jumped 4.4 percent, while base metal miners surged up 7.4 percent. Gold stocks added 5.7 percent as gold prices hit new 3-month highs.

US oil for March was up $2.40, or 8.03 percent, at $32.28 a barrel, one of the biggest one-day gains in recent memory.

Prices have moved away from 12-year lows seen mid-January.

Energy Information Administration reported on Wednesday that crude inventories rose by 7.8 million barrels for the week ended Jan. 29.

Beleagured plane and train maker Bombardier Inc. (BBD.B.TO) will soon announce plans for a reverse stock split, Reuters reports.

Home improvement giant Lowe's will acquire Canadia' Rona for C$3.2 billion, or US$2.3 billion. Lowe's hopes to soothe regulatory fears by keeping its Canadian headquarters in Quebec.

TransCanada Corp. and the Canadian division of Switzerland's ABB will sign a supply agreeement, Canadian Press reports.