TSX Win Streak Alive Despite Oil Plunge -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Wednesday, extending a dramatic run to 11-month highs despite renewed concerns about weakness in the energy sector.

The Bank of Canada held its benchmark interest rate steady at 0.5 percent today, but warned about a potential bubble in housing prices.

"The fundamentals remain in place for a pickup in growth," the bank said, but risks include the fallout from the UK's landmark Brexit vote.

The S&P/TSX Composite was up 16 points, or 0.11 percent, to 14,493.80. That's after triple-digit gains three days in a row.

Energy stocks were down 1.3 percent as oil prices tumbled.

August WTI was oil down $2.05, or 4.4%, to settle at $44.75/bbl, near its lowest in two months.

The U.S. Energy Information Administration (EIA) reported a 2.5-million-barrel reduction in U.S. crude oil inventories.

Gold stocks rose 2 percent, but health care shares lost 2.9 percent.

Canadian Tire (CTC.TO,CTC_A.TO) announced the re-appointment of Stephen Wetmore as President and CEO, effective immediately. Shares were down 3.7 percent.