Bay Street Bull Run Continues, TSX Win Streak At 11 Days -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher for an 11th straight day on Wednesday, with energy shares getting a boost from soaring natural gas prices.

The two-week win streak is the longest for Canada's main stock index since 1995. Bay Street withstood some bearish news from the U.S., including signs that the Federal Reserve will continue to tighten despite some downbeat economic data.

The S&P/TSX Composite Index rose 42 points, or 0.3 percent, to 14,119.73, a fresh 3-year peak.

Natural-gas futures rallied 11 percent to their highest settlement in more than five years, giving energy stocks a boost.

In news from the oil patch, Canadian Natural Resources Ltd (CNQ.TO) will pay $3.125 billion cash to buy some of Devon Energy's conventional oil and gas fields in Western Canada. CNQ shares rose 3.7 percent.

Financial stocks also helped drive the main index higher, with all six big banks in the green.

Bombardier (BBD_B.TO) has signed a contract to build new trains and a depot for London's Crossrail project. The contract US$2.1 billion. Shares rose 0.9 percent.

Mining firm Sherritt International Corp (S.TO) posted a bigger fourth-quarter loss due to an huge impairment charge. Shares tumbled 11 percent.

In economic news, Canadian wholesale trade fell by more than expected in December, by 1.4 percent to the lowest level in six months.

Across the border, the U.S. Commerce Department said housing starts sank 16 percent to a seasonally adjusted annual rate of 880,000 units. It was the largest percentage drop in three years.

U.S. producer prices rose for a second straight month in January.