(Updates prices, sectors) July 7 (Reuters) - Canada’s main stock index rose on Wednesday as heavyweight energy and mining stocks tracked stronger commodities, with investors awaiting minutes from the U.S. Federal Reserve’s latest meeting for clues on its policy stance. * The energy sector rose 0.4% as crude prices rebounded from steep losses a day earlier with support coming from a tight market. * While the materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold futures rose 0.5% to $1,802 an ounce. * After hitting a record high at the open, the Toronto Stock Exchange’s S&P/TSX composite index was up 43.93 points, or 0.22%, at 20,343.96 at 9:39 a.m. ET (13:39 GMT). * The largest percentage gainer on the TSX was West Fraser Timber Co, which jumped 6.1% after the wood product company said it plans to buy back up to $1 billion worth of its shares. * It was followed by miner Hudbay Minerals Inc, which rose 5.7%. * The financials sector slipped 0.2%. The industrials sector rose 0.5%. * On the TSX, 118 issues were higher, while 97 issues declined for a 1.22-to-1 ratio favouring gainers, with 12.58 million shares traded. * Alternative-energy producer Westport Fuel Systems Inc fell 3.3%, the most on the TSX. The second biggest decliner was cyber-security firm Blackberry Ltd, down 2.5%. * The most heavily traded shares by volume were Bombardier Inc, Toronto-Dominion Bank and Bank of Nova Scotia. * The TSX posted 14 new 52-week highs and no new lows. * Across all Canadian issues, there were 80 new 52-week highs and four new lows, with total volume of 26.15 million shares. Reporting by Amal S in Bengaluru; Editing by Krishna Chandra Eluri Our Standards: The Thomson Reuters Trust Principles.