Toronto market posts triple-digit gain as oil and USA markets rise

The Toronto stock market rose Monday, supported by a rally in oil prices, while its NY counterparts were in a wait-and-see mood ahead of this week's highly-anticipated U.S. Federal Reserve meeting. A previous version had an incorrect closing figure for the S&P/TSX composite index.

"It's still a follow through from yesterday's price action for the broader markets, not just the TSX.", said Sid Mokhtari, director, institutional equity research, CIBC World Markets.

The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 99.25 points, or 0.67 percent, at 14,697.93.

World stock indexes advanced and the Nasdaq hit a record high while bonds rallied, a day after the Fed scaled back the number of rate increases expected in 2017 and 2018. It touched its highest since Sept 2.at 14,841.23.

Canada's annual inflation rate in August dipped to a 10-month low of 1.1 per cent, the seventh consecutive month it has remained below the Bank of Canada's 2.0-per-cent target, Statistics Canada said.

USA crude prices settled down 4 percent on signs Saudi Arabia and arch rival Iran were making little progress toward a preliminary agreement ahead of talks by major crude exporters next week aimed at freezing production.

The energy group climbed 1.9 percent on the coattails of the rise in oil prices.

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The October contract for natural gas fell seven cents to US$2.99 per mmBtu.

Royal Bank of Canada advanced 0.6 percent to C$81.21 and Bank of Nova Scotia added 0.8 percent to C$70.55.

Its shares rose 0.4 per cent to $22.81.

The outlook for those higher yielding sectors has improved after recent selling pressure reduced an overbought condition, Mokhtari said.

Cenovus Energy Inc declined 0.9 per cent to $17.59.

The financials group gained 0.8 percent and utilities rose 1.1 percent after the U.S. Federal Reserve signaled an increasingly cautious approach to future U.S. rate increases on Wednesday.

Canada and China settled a trade dispute and said they would start exploratory talks on a free trade pact.

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