Stocks Rally On Murky BoC Decision -- Canadian Commentary

(RTTNews) - Canadian stocks rose Wednesday after the Bank of Canada held steady on interest rates.

"There is a sense that, almost by law of gravity, interest rates will move somewhat higher over time -- but again, the pace is a significant question mark for us given the data," said BoC governor Stephen Poloz.

The TSX Composite Index jumped 176.67 points to 15,529.97, powered by energy stocks.

Crude oil futures continued to rise Wednesday, surging to their highest since December 2014 after U.S. oil inventories dwindled.

May WTI oil climbed $1.95, or 2.9%, to settle at $68.47/bbl.

The Energy Information Administration said U.S. crude supplies fell by 1.1 million barrels for the week ended April 13, about twice the forecast decline.

Also in the oil patch, Alberta and Saskatchewan have threatened to stop oil supplies to BC if it continues its protest of Kinder Morgan's Trans Mountain Pipeline.

Meanwhile, teamsters are warning Canadian Pacific they will go on strike this week if a contract settlement is not reached in 72 hours.

SNC Lavalin (SNC.TO) has won a considerable contract with Saudi state-owned oil giant Aramco. Shares rose 2.1 percent.

Winter fashion maker Roots (ROOT.TO) has topped profit estimates for the fourth quarter. Shares surged up 10 percent.