The Toronto Stock Exchange climbed higher on Wednesday, fueled by strength in financial stocks and a rally for energy companies as oil futures advanced.

The S&P/TSX composite index gained 252.96 points, or 3%, to close at 8,757.89.

The energy group rose 4.4%, benefiting from crude futures that jumped above US$43 a barrel on signs that the OPEC oil cartel is following through in cutting output. Crude oil for March delivery advanced US$2.71, or 6.6%, to end at US$43.55 a barrel on the New York Mercantile Exchange.

Suncor Energy Inc. saw its shares rally 11.2% one day after the stock tumbled more than 15%. Suncor shares gained $2.48 to close at $24.58.

EnCana Corp. shares jumped 4.9% to $55.24 and Niko Resources Ltd. was up 6.5% to $47.02.

Shares of Talisman Energy Inc. also climbed higher, gaining 6.1% to close at $11.80.

The financial group also displayed strength, gaining 4.3% in Wednesday’s trading.

Manulife Financial shares surged $1.52, or 7.6%, to $21.63.

Toronto-Dominion Bank shares rose 4.7% to $41.28 and Bank of Montreal shares were up 3.7% to $31.47.

Royal Bank of Canada shares rose 4.2% after the company announced it would issue 8 million preferred shares to raise $200 million. Royal Bank shares closed at $32.12.

Scotiabank shares also gained ground after it announced plans for its own $200-million preferred share offering. The shares rose 3.9% to $29.70.

Gains in the materials group were weighed down by losses for certain mining companies, as gold and copper futures dipped lower. The group gained 1.1% overall.

Gold for February delivery fell US$5.10, or 0.6%, to end at US$850.10 an ounce on the Comex division of the New York Mercantile Exchange. The sub-gold index rose 2%.

Kinross Gold Corp. shares tumbled 4.8% after it announced plans to issue 20.9 million common shares at US$17.25 per share, to raise US$360.5 million. The shares fell $1.11 to close at $22.00.

Shares of Alamos Gold Inc. dropped 3.4% to $8.47.

Shares of Nova Chemicals Corp. plunged 26.5% on reports that the company may not be able to meet debt payments this spring. Nova shares fell $1.60 to end at $4.45.

Other materials companies advanced, including Inmet Mining Corp., up 5.9% to $20.61, and Barrick Gold Corp., up 3.5% to $45.84.

The Venture index dipped slightly lower on Wednesday, shedding 5.13 points, or 0.6%, to close at 851.55.

The Canadian dollar advanced US0.74¢ to end the day at US79.63¢.

American stock markets also bounced back on Wednesday, carried by strength in financial companies and energy stocks.

The Dow Jones industrial average rallied 279.01 points, or 3.5%, to finish at 8,228.1.

The S&P 500 gained 35.02 points, or 4.4%, to close at 840.24.

The Nasdaq composite rose 66.21 points, or 4.6%, to 1,507.06.