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Canadian Stocks Showing Strong Move Back To The Upside

Canadian stocks have shown a strong move to the upside during trading on Wednesday, regaining ground following the steep drop seen in the previous session.

The benchmark S&P/TSX Composite Index is jumping 254.27 points or 1.2 percent at 20,915.26 after ending Tuesday's trading at its lowest closing level in well over a month.

Energy stocks have helped lead the way higher amid a significant rebound by the price of crude oil. With crude for January delivery jumping $1.96 to $68.14 a barrel, the S&P/TSX Capped Energy Index is up by 2.3 percent.

Considerable strength is also visible among consumer discretionary stocks, as reflected by the 2 percent spike by the S&P/TSX Capped Consumer Discretionary Index.

Real estate, materials and financial stocks are also seeing significant strength, moving higher along with most of the other major sectors.

In economic news, Statistics Canada released a report showing the total value of building permits increased 1.3 percent to C$10.3 billion in October, led by gains in British Columbia and Ontario.

The report said construction intentions in the non-residential sector surged up by 4.2 percent, while the residential sector edged down by 0.1 percent.

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