Toronto's main stock index were up slightly at Wednesday’s open after European banks absorbed more than half a trillion euros as part of a European Central Bank effort to stabilize the euro-zone's financial system.
Banks grabbed 530 billion euros at the central bank's second offering of cheap three-year funds, fuelling expectations that credit will flow to businesses and borrowing costs will ease for governments hit by the euro-zone crisis.
The S&P TSX Composite Index kicked off Wednesday’s session up 1.55 points to 12,742.02.
The Canadian dollar was up 0.72 cents at 101.20 U.S. cents
Among the stocks to watch this morning, trucker TransForce Inc. said its fourth-quarter profit rose by a fifth helped mainly by strong performance in its energy services and package and courier segments.
Europe's copper producer KGHM said Canada's Minister of Industry agreed for its takeover of the Canadian rival, Quadra FNX, clearing the last obstacle for the $3-billion deal.
Publisher Torstar Corp posted a 77% rise in fourth-quarter profit, helped partly by higher revenue from its digital segment, but said revenue outlook for the media unit remains uncertain for the year.
The U.S. arm of T-D bank has reached a settlement with investors who claimed it helped a South Florida lawyer convicted of running a $1.2-billion U.S. Ponzi scheme, a bank spokeswoman said on Tuesday.
Satellite and data distributor MacDonald Dettwiler and Associates posted a flat quarterly profit from ongoing operations on Tuesday as revenue dipped, but it boosted its dividend by 30% and growth at its satellite imaging unit impressed analysts.
Tim Hortons, looking to make deeper inroads south of the border, is under mounting pressure by animal rights activists to assure that its U.S. pork and egg suppliers adopt more humane practices.
Pilots at Air Canada said on Tuesday they have asked the federal labour minister to appoint a new co-mediator to assist in their contract talks with the company after an incumbent resigned.
Broadcast infrastructure provider Miranda Technologies Inc. said its quarterly earnings rose 4%, helped by strong sales growth in the U.S. and the United Kingdom.
ON BAYSTREET
The TSX Venture Exchange sidled back 2.46 points to 1,690.73, while the Nasdaq Canada index inched up 3.06 points to 430.66
Nine of the 14 Toronto subgroups were up at the outset. Information technology issues led the parade, gaining 0.9%, while metals and mining took on 0.7%, and financials were positive 0.4%.
The five laggards were weighed by gold, down 1.1%, industrials, off 0.7%, and materials, sliding 0.6%.
ON WALLSTREET
In New York, stocks opened higher Wednesday after the European Central Bank said that it will lend €529.5 billion, or $721.4 billion U.S., to European banks in an effort to prevent a credit crunch.
The Dow Jones Industrials was positive 26.15 points to open the day at 13,031.30
The S&P 500 added 5.42 points to 1,377.60, while the Nasdaq gained 8.96 points to 2,995.72
On Tuesday, the Dow closed above 13,000 for the first time since May 19, 2008. The S&P 500 closed at its highest level since June 2008, while the Nasdaq finished at its highest point since December 2000.
Following the best January since 1997, February has been another solid month for the stock market. The Dow is on track for a 3% gain, while the S&P 500 and Nasdaq are about 5% higher heading into the final trading day of the month.
Apple shares moved higher, boosting the company's value on the stock market to above $500 billion U.S. -- another record high for what was already the world's most valuable company.
Shares of News Corp. rose modestly, after the publishing company announced that James Murdoch stepped down as executive chairman of the U.K. publishing unit. The son of Rupert Murdoch has been embroiled in question over his role in a U.K. hacking scandal.
Shares of First Solar tumbled after the leading maker of thin-film solar panels issued disappointing quarterly results. First Solar also lowered its forecast for sales in 2012 late Tuesday.
Shares of Staples fell even though the office supply chain posted better-than-expected earnings and sales figures for the fiscal fourth quarter.
Costco also topped earnings and sales estimates for the fiscal second quarter, sending the stock higher.
Shares of Liz Claiborne fell despite posting fourth-quarter earnings in line with expectations, and better-than-expected sales.
The ECB's second Long-Term Refinancing Operation, in which banks will be able to borrow money for three years at interest rates as low as 1%, is an effort to prevent a credit crunch in Europe. In its first round of lending in December, the ECB doled out nearly €500 billion.
Economically speaking, the U.S. government said the economy grew at an annual rate of 3% during the fourth quarter, up from its initial estimate of 2.8%.
The February installment of the Chicago Purchasing Managers Index is expected to come in at 60, down slightly from 60.2 in January but still well above the 50 threshold that signifies manufacturing expansion.
The Fed's Beige Book, a summary of reports from its 12 district banks, comes on the same day Fed chairman Ben Bernanke is scheduled to offer testimony on the economy and monetary policy before the House Financial Services Committee.
Treasury prices for the 10-year note lost ground, moving yields up to 1.94% from Tuesday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil for February delivery regained 68 cents to $107.23 U.S. a barrel.
Gold futures for April delivery fell a dollar to $1,786.50 U.S. an ounce.
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