TSX Surges, On Verge Of Record Highs -- Canadian Commentary

(RTTNews) - Canadian stocks continued to surge Wednesday, approaching all-time highs as energy and financial shares sustained their recent rally.

Stable oil prices have generated a resurgence in the energy sector, while rising interest rates are giving a lift to some of the nation's biggest banks.

Concerns about a breakdown in trade relations with the U.S. after Donald Trump's election win have been put on the backburner.

The S&P/TSX Composite Index was up 113.72 points, or 0.74 percent, to 15,516.75, the highest in 20 months. A move to 15,700 would take the TSX to its highest ever.

In the oil patch, Encana (ECA.TO) skyrocketed 7.1 percent after saying margins would improve more than expected in 2017.

The expected 25 percent improvement is a result of anticipated lower costs through the year and increased total volumes expected in the second half of 2017.

BlackBerry (BBRY, BB.TO) announced QNX Software Development Platform 7.0, a 64-bit operating system for self-driving cars. Shares rose 1.6 percent.

Boyd Group Income Fund (BYD_UN.TO) named Tim O'Day As President And COO. Shares were up fractionally.

AltaGas (ALA.TO) says it plans to build the first propane export terminal on Canada's West Coast. Shares rose 2.2 percent.