At mid-day on Wednesday, the Toronto Stock Exchange’s S&P/TSX index had gained 0.8 percent to sit at 10,670.30 on a trading volume of 122.1 million shares.

The gains were primarily due to strength in the energy and financial sectors. Eight of the 10 groups on the TSX showed advances, with the energy group leading the way with a gain of 1.1 percent, followed by financials group at 0.7 percent higher.

The materials group also was showing a gain of 1.1 percent, with its gold subgroup gaining 1.5 percent.

Shares in energy companies were up despite a surprise report showing oil supplies in the US up last week. Suncor Energy was up 2.7 percent to C$69.03, while EnCana Corp. gained 2.4 percent to C$53.64. EnCana was helped by US Federal Energy Regulatory Commission approval of a 328-mile pipeline that will ship natural gas from the Rocky Mountains to eastern US markets. An EnCana affiliate will operate the pipeline.

In the financials sector, banks were up as they recovered from the news that Canadian Imperial Bank of Commerce will have to pay out over $2 billion to settle claims related to their involvement with collapsed US energy company Enron. CIBC gained 1.8 percent to C$72.06. Bank of Nova Scotia was up 0.9 percent to C$41.86.