May 9 (Reuters) – Canada’s main stock index climbed higher on Wednesday, as oil prices hit 3-1/2-year highs after President Donald Trump pulled the United States out of an international nuclear deal with Iran.
* At 9:42 a.m. ET (1342 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index rose 38.91 points, or 0.25 percent, to 15,881.62.
* The U.S. withdrawal from the deal with Iran cast uncertainty over global oil supplies at a time when the crude market is already tight.
* The energy sector, the biggest boost to the main index, was up 1.9 percent.
* Enbridge Inc gained 2.5 percent after the pipeline operator said it will sell a 49 percent stake in some of its renewable power assets in order to reduce its massive debt, pushing the energy group higher.
* Also helping the sentiment was progress made on the NAFTA front, as Mexico has launched a counterproposal to U.S. demands to toughen automotive industry content rules under the Agreement, officials said on Tuesday.
* Six of Canada’s 10 main index sectors were higher.
* The TSX posted seven new 52-week highs and three new lows. Across all Canadian issues, there were 23 new 52-week highs and 21 new lows.
* The largest percentage gainer on the TSX was Maxar Technologies Ltd, which rose 15.3 percent after the company’s quarterly results topped analysts’ estimates.
* Kinross Gold, the largest decliner, was down 8.6 percent after the company reported first-quarter results on Tuesday.
* Shares of Sun Life Financial Inc were down 1.1 percent after the insurance company reported its quarterly results on Tuesday.
* Among the most active Canadian stocks by volume were Kinross Gold, Bank Of Montreal and Baytex Energy Co .
* Volume on the TSX index was 24.08 million shares. Total volume on Wednesday was 38.93 million shares.
* Economic data showed the value of Canadian building permits rose more than expected in March on increased plans to build apartment buildings in the provinces of Quebec and British Columbia. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Maju Samuel)
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