TSX Nudges Higher For Fifth Session -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher for a fifth straight session Wednesday, as energy stocks withstood a drop in crude oil prices after U.S. inventories surged.

Financials continued to perform well amid rising interest rates.

The S&P/TSX Composite Index was up 17 points to 15,309.96, staying near the highest levels of the year.

In corporate news today, Amaya Inc (AYA.TO) had Canaccord Genuity cut its target price to $28 from $42. Yesterday, former CEO David Baazov has ended his struggle to purchase the online gambling site.

SNC-Lavalin Group Inc (SNC.TO) has won five-year maintenance contracts in Alberta. Canaccord Genuity raised its target price to $67 from $53.

The Royal Canadian Mint has joined a blockchain platform run by Goldmoney.

Constellation Software (CSU.TO) was down 0.5 percent. The company announced that it has terminated its investment in Redknee Solutions.

Energy stocks were flat even as crude oil prices slipped.

West Texas Intermediate crude-oil futures for delivery in February fell 81 cents, or 1.5%, at $52.49 a barrel.

On the other hand, natural gas futures jumped the most in a year on expectations for a frigid U.S. winter.