Canadian stocks hit a one-week high on Wednesday, gaining for the third straight session as China ' s small trade deficit buoyed hopes for stronger global demand for commodities and lifted energy and financial stocks.

The S&P/TSX Composite Index rose 50.86 points, or 0.41 percent, to 12,534.91 while the S&P/TSX Venture Composite Index slightly dropped 7.03 points, or 0.67 percent, to 1,047.74.

China recorded a rare trade deficit in March on Wednesday, a day after Beijing released inflation figures that come in below forecast, which has been considered as a sign for stronger global demand for commodities. Its imports exceeded exports by 880 million U.S. dollars last month and jumped more than 14 percent over last year, official data showed on Wednesday.

Driven by greater optimism over the commodity market, the resource-based Canadian stock market saw a rebound in the main index after a five-day losing streak.

Seven of all eight sectors on the market's main index went higher, with the biggest gains coming in energy and financial shares. The energy sector jumped more than 1 percent. Canadian Natural Resources was 1.1 percent higher to close at 32.18 Canadian dollars per share. Suncor Energy increased 0.9 percent to 30.12 Canadian dollars per share.

Financials, the index's heaviest sector, closed 1.4 percent higher. Royal Bank of Canada rose 2 percent to 61.38 Canadian dollars per share. Bank of Nova Scotia moved 1.8 percent up to 58. 39 Canadian dollars per share.

The metals and mining sector was the only one to finish lower, with a small drop of 0.5 percent. Gold stocks fell as bullion prices declined on the New York Mercantile Exchange. Barrick Gold slumped almost 9 percent to 24.81 Canadian dollars per share.

At closing, the Canadian dollar moved up to 0.9861 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9840 U.S. dollars on Tuesday. Endi

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