By Catherine Carlock, MarketWatch
SAN FRANCISCO (MarketWatch) -- Canadian stocks notched gains Wednesday, supported by materials and gold stocks, but BlackBerry-maker Research In Motion deepened its prior-session losses.
The S&P/TSX Composite Index rallied 62 points, or 0.5%, to 11,845.
European Goldfields Ltd. led materials stocks higher, surging 11.5%. HudBay Minerals Inc. /zigman2/quotes/208987353/delayed CA:HBM -1.61% jumped 8.2%, as shares of West Fraser Timber Co. Ltd. rose 6.1%.
Shares of Agrium Inc. added 3.6% after the Calgary-based agricultural-products company reported a 37% jump in second-quarter profit early Wednesday.
Among commodities, gold for December delivery, the most actively traded contract, added $8.40, or 0.7%, to $1,195.90 an ounce on the Comex division of the New York Mercantile Exchange. Read about metals stocks.
Gold stocks followed gold futures higher, with shares of Silvercorp Metals Inc. /zigman2/quotes/210397281/delayed CA:SVM -0.84% adding 5%. Iamgold Corp. /zigman2/quotes/206182143/delayed CA:IMG -5.69% jumped 6.5%, and shares of Agnico-Eagles Mines Ltd. /zigman2/quotes/205100210/delayed CA:AEM -1.84% rose 4%.
Research In Motion Ltd. weighed on the tech sector, extending its prior session losses and falling 4.5% in Toronto and 3.9% in New York, extending its prior-session losses.
Crude-oil futures inched lower after a government report showed a larger-than-expected decrease in oil inventories. Crude for September delivery lost 8 cents, or 0.1%, to $82.47 a barrel in New York. Read more on oil prices.
Financial stocks held slight gains, with shares of Toronto-Dominion Bank /zigman2/quotes/209283160/delayed CA:TD -0.63% , Canadian Imperial Bank of Commerce /zigman2/quotes/206423838/delayed CA:CM -1.40% and Bank of Montreal /zigman2/quotes/203180563/delayed CA:BMO -1.08% all closing a fraction higher.
The Canadian dollar rose Wednesday, with one U.S. dollar falling to C$1.0172, down from C$1.0239 on Tuesday.