The benchmark index of the Toronto Stock Exchange climbed sharply higher on Wednesday as resources shares rallied.

The S&P/TSX composite index closed up 211.31 points, or 1.6%, at 13,453.51. Eight of the 10 main TSX sectors ended higher.

The energy sector rose 2.7% even though oil prices fell to a low near US$117 a barrel before settling at US$118.58 on the New York Mercantile Exchange.

In Toronto, Canadian Natural Resources was up $4.28 at $79.28, while Suncor Energy (rose $1.92, or 3.7%, to $54.30.

The resource-laden materials sector jumped and 3.2%.

Agrium rose 5.3% after the world’s third-largest nitrogen producer said profit more than doubled in the wake of surging demand and prices for fertilizer.
Agrium shares closed up $4.38 at $87.16, while Potash Corp of Saskatchewan rose $8.80, or 4.9%, to $189.30.

Among individual stocks Research In Motion gained $6.31, or 5%, to $133.23.

BCE shares rose 50¢, or 1.3%, at $39.66 after the telco said its profit fell, but it signed up long-term phone subscribers at the fastest pace in about 2-1/2 years.

The junior S&P/TSX Venture composite index rose 6.02 points, or 0.28%, to finish at 2,148.46.

The Canadian dollar fell again on Wednesday. The loonie slipped 0.53¢ from Tuesday’s close to end at US95.45¢.

On Wall Street, U.S. stocks rose as a further drop in oil prices and positive outlook from tech bellwether Cisco Systems overshadowed credit concerns.

Cisco posted a stronger-than-expected quarterly profit and said it expects the weak economic environment to be relatively short lived.

The Dow Jones industrial average rose 40.30 points, or 0.35%, to 11,656.07, while the S&P 500 gained 4.30 points, or 0.33%, to 1,289.18.

The tech-heavy Nasdaq composite index added 28.54 points, or 1.21%, to 2,378.37.