(Reuters) - Canada's main stock index broke a three-day losing run on Wednesday as a 3% jump in oil prices boosted energy shares and a report revived hopes of a preliminary trade deal between the United States and China.
* At 10:09 a.m. ET (15:09 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 28.95 points, or 0.17%, at 16,921.13.
* The energy sector climbed 2.1%, boosted by oil prices that rallied ahead of a possible extension to output cuts by the OPEC and its allies, with data showing a larger-than-expected drop in U.S. crude stockpiles adding to gains. [O/R]
* However, spurring demand for risk assets globally, Bloomberg reported that the United States and China were moving closer to agreeing on the amount of tariffs that would be rolled back in phase one of a trade deal.
* That came after U.S. President Donald Trump shocked investors on Tuesday by saying that it might take until late 2020 to reach agreement.
* Meanwhile, the Bank of Canada held its overnight rate at 1.75% as expected, citing early signs the global economy was stabilizing, but stressed that uncertainty caused by trade wars remained the main threat to its outlook.
* Money markets had seen little chance of a cut in December. A Reuters poll last month found a slim majority of economists expect the central bank to hold rates steady through to the end of 2020.
* Bank of Nova Scotia and Toronto-Dominion Bank were trading flat, while Royal Bank of Canada slid 1.9% after missing quarterly profit estimates, as its capital markets division suffered a dearth of deals.
* Canadian Natural Resources gained 3% after saying it expects to spend C$4.05 billion in 2020, C$250 million more than in 2019, after the Canadian province of Alberta lifted some curtailments on new oil wells last month.
* The largest percentage gainers on the TSX were Hudbay Minerals, which jumped 10% and First Quantum Minerals, which rose 5%.
* Westshore Terminals Investment Corp fell 6.3%, the most on the TSX and the second biggest decliner was Ero Copper, down 4.6%.
* The most heavily traded shares by volume were Canadian Natural Resources Ltd, Zenabis Global and Balmoral Resources.
* The TSX posted 7 new 52-week highs and no new lows.
* Across all Canadian issues there were 18 new 52-week highs and 2 new lows, with total volume of 60.12 million shares.
* On the TSX, 137 issues were higher, while 90 issues declined for a 1.52-to-1 ratio favoring gainers, with 35.25 million shares traded.