Canada's main stock market hit a seven-month high Thursday due to a rally in energy and mining stocks as commodity prices rose.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index rose 55.30 points, or 0.35 percent, to close the day at 15,776.30.

Nine of the market's 10 main sector groups ended higher, including a 0.2 percent gain for heavyweight financial shares.

Sectors that tend to benefit most from a pick-up in growth include the energy and materials groups, which account for 30 percent of the weight of the market.

The materials sector, which includes precious and base metals miners and fertilizer companies, rose 0.8 percent, with First Quantum Minerals Ltd jumping 4.8 percent to 15.81 Canadian dollars, and Teck Resources advancing 4.3 percent to 28.91 Canadian dollars. Ivanhoe Mines Ltd surged 6.8 percent to 4.56 Canadian dollars.

Copper prices gained 2.5 percent to 6,689.50 Canadian dollars a tonne.

The energy group rallied 0.6 percent as oil prices heated up on signs that Saudi Arabia and Russia would limit production through next year. U.S. crude settled 1.6 percent higher at 50.79 U.S. dollars a barrel.

TransCanada Corp jumped 1.1 percent to 61.55 Canadian dollars, despite news the company was cancelling certain pipeline projects.

Shopify fell 2.1 percent to 126.19 Canadian dollars.