Source: The Canadian Press

The Toronto stock market registered a modest gain Wednesday with lift coming from energy stocks as oil prices rose amid an upward revision in U.S. economic growth in the third quarter and data showing American crude supplies dropped more than expected last week.

The S&P/TSX composite index edged up 15.55 points to 13,380.7, while the TSX Venture Exchange climbed 11.51 points to 2,167.34.

“The market is flat as a pancake really,” said John Stephenson, vice-president at First Asset Funds Inc.

“People are focused now on 2011, focused on the holidays. (But) All the same concerns, all the same actors are still very much present.”

The Canadian dollar advanced against the greenback, up 0.32 of a cent at 98.6 cents US.

The U.S. Commerce Department said that American gross domestic product grew at a revised annualized rate of 2.6% in the July-to-September period, slightly higher than the initial reading of 2.5%. However, investors had been hoping that the revision would show growth of 2.8%.

Optimism about the pace of the U.S. economic recovery has increased over the past few weeks, partly because of stronger data but also in the wake of a deal to extend tax cuts.

The energy sector led TSX advancers, up 1.07% as the February crude oil contract on the New York Mercantile Exchange climbed 66 cents to US$90.48 a barrel after the U.S. Energy Information Administration reported a deeper than expected drop in crude stockpiles last week, down 5.3 million barrels. However, there was more gasoline in storage than analysts had forecast.

It was the first time since October 2008 that oil has closed above US$90 a barrel.

Canadian Natural Resources (TSX:CNQ) gained 52 cents to C$44.38. Suncor Energy (TSX:SU) climbed 82 cents to $38.34 after the oilsands giant was fined $200,000 for dumping material harmful to fish into a northern Alberta river. Environment Canada says the fine was for the release of effluent in 2008 from sediment ponds built as part of Suncor operations near the Steepbank River north of Fort McMurray.

Financials also lifted the TSX, with TD Bank (TSX:TD) ahead 54 cents at $73.70.

Mining stocks were the biggest drag on the Toronto market.

The gold sector declined as the February bullion contract in New York stepped back $1.40 to US$1,387.40 an ounce. Barrick Gold Corp. (TSX:ABX) faded 65 cents to C$51.97.

The base metals sector was down 0.25%, with the March copper contract on the Nymex off a 10th of a cent from Tuesday’s record high close of US$4.28 a pound. Equinox Minerals Ltd. (TSX:EQN) gained 15 cents to C$6.10 while Lundin Mining Corp. (TSX:LUN) fell 19 cents to $7.05.

Industrial stocks also moved lower with Canadian National Railways (TSX:CNR) down 62 cents at $67.26.

Bombardier Transportation (TSX:BBD.B) has signed a seven-year contract valued at US$101 million to service its train system at Denver International Airport. Its shares rose a penny to C$4.83.

Meanwhile, the Organization for Economic Co-operation and Development says government negotiators from aircraft producing countries like Canada have agreed in principle to new rules governing export credits for commercial aircraft.

The agreement would affect Bombardier, which has been excluded thus far because it has produced smaller, regional aircraft.

In New York, the Dow Jones industrial average was 26.33 points higher at 11,559.49, while the Nasdaq composite index gained 3.87 points to 2,671.48 and the S&P 500 index added 4.24 points to 1,258.84.

In other corporate news, a breakthrough in the long-running battle between Frank Stronach and other shareholders of MI Developments Inc. sent the real estate company’s stock soaring $8.68, or 44.93%, to $28 Wednesday.

A group of major shareholders, representing more than half of MI’s class A shares, has agreed to a plan that would see Stronach relinquish voting control in return for some of the company’s assets, including its horse-racing tracks.

Centric Health Corp. (TSX:CHH) is buying certain assets of Dedicated National Pharmacies Inc., Methadrug Clinic Ltd. and Union Medical Pharmacy Inc. from a court-appointed receiver for an undisclosed amount. Its shares were two cents lower at 90 cents.