On Wednesday, Canada’s main stock index climbed as energy shares ascended on firm crude oil prices after Russia’s President Vladimir Putin announced a partial military mobilisation, while investors braced for another aggressive US rate hike.

At 9:57 am ET (13:57 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 51.87 points, or 0.27 per cent, at 19,420.56. The energy sector grew 0.9 per cent as crude oil prices bounced more than 2 per cent.

Rate-sensitive technology stocks rose 0.7 per cent. The Toronto Stock Exchange’s S&P/TSX composite index ended nearly 1 per cent lower on Tuesday as the prospect of aggressive rate hikes by the Fed added to worries about the global economic outlook.

Bank of Canada said that inflation in Canada remains ‘too high’ but is headed in the right direction. It further said that the central bank will do whatever is needed to bring price increases back to target.