Strength in commodities helped the Toronto Stock Exchange’s benchmark index swing back from triple-digit point losses early in the day to close with gains of more than 200 points.

The S&P/TSX composite index closed up 200.66 points, or 2.38%, at 8,643.52. It was the index’s fourth consecutive day of gains.

Oil futures rallied despite new figures showing U.S. crude inventories rose by 7.3 million barrels to 320.8 million barrels in the week ended Nov. 21. Crude for January delivery rose US$3.67, or 7.2%, to end at US$54.44 a barrel on the New York Mercantile Exchange.

This helped energy companies on the TSX gain nearly 8%.

The gains were led by Canadian Natural Resources Ltd., up 12% to $49.00, and Suncor Energy Inc., up 12.4% to $26.19.

In addition, Nexen Inc., gained 10.6% to $22.28 and EnCana Corp. shares rose 8.4% to $56.33.

Gold for December delivery fell US$10, or 1.2%, to end at US$808.50 an ounce on the Comex division of the New York Mercantile Exchange.

Still, it was a positive day for most mining companies on the TSX. The materials group gained 6.5% and the sub-gold index rose by 5.1%.

Goldcorp Inc. shares rose 7.2% to $32.75 and Kinross Gold Corp. was up 7.4% to $18.20.

Teck Cominco Ltd.’s B-class shares soared nearly 26% to $5.27.

Fertilizer companies enjoyed gains too, with Agrium Inc. up 8.3% to $37.62 and Potash Corp. up 5.5% to $76.26.

The telecommunications group was the only main group on the TSX to move lower, down 10.5% by Wednesday’s close. The drop was led by a 34.2% plunge for BCE Inc. shares, which were slammed by news that the company’s privatization is now in doubt. BCE shares closed down $13.10, at $25.25.

Financial companies gained 1% on Wednesday.

CIBC shares rose 5.7% to $44.76 and Manulife Financial Corp. was up 6% to $20.84.

Shares of Toronto-Dominion Bank moved higher on the new doubt involving the BCE deal, since TD is part of the banking syndicate financing the takeover. TD shares gained 2.05% to close at $41.73.

The S&P/TSX Venture index rose 11.43 points, or 1.6% at 731.39.

The Canadian dollar stayed relatively flat, shedding US0.34¢, to end the day at US81.29¢.

The main indexes in New York enjoyed a fourth day of gains as well.

The Dow Jones industrial average closed at 8,726.61, up 247 points, or 2.9%. The Nasdaq composite index rose 67.37 points, or 4.6%, to end the day at 1,532.1. The S&P 500 index increased by 30.29 points, or 3.5%, to finish at 887.68.

U.S. markets will be closed Thursday to mark the Thanksgiving holiday.

IE