The Toronto stock market took lurching steps forward in the first hour of trading Wednesday, as investors remained on tenterhooks for word from European central banks, and amid word that the Bank of Canada was staying the course on interest rates.
The S&P/TSX Composite index moved up 10.02 points to begin trading at 11,951.72
The Canadian dollar slid 0.41 cents to 101.01 cents U.S.
Among the stocks to watch this morning is TransAlta Corp. The power producer said its unit entered into an agreement with Fortescue Metals Group Ltd to buy a 125 megawatt dual-fuel power station in Western Australia for $318 million.
Agnico-Eagle Mines Ltd. said its board approved the development and construction of a mine in Mexico.
Canadian Oil Sands Ltd. , which is the largest-interest owner of the Syncrude project, said that operation produced an average of 359,500 barrels a day in August, up about 37% from 262,000 in the previous month.
Enbridge Inc. said its proposed Northern Gateway oil pipeline to Canada's Pacific Coast could cost thousands of high-paying refining jobs in Alberta, a labor group warned on Tuesday as the company faced its first day of grilling at public hearings into the contentious project.
Suncor Energy Inc said on Tuesday that output at its oil sands operations averaged 373,000 barrels per day in August, up from 351,000 bpd the previous month.
Wireless broadband whiz TeraGo Inc. said it is initiating a strategic review to take advantage of new rules that allow greater foreign ownership of small telecom companies in Canada.
For the 16th consecutive policy meeting, the Bank of Canada has decided to keep its benchmark target for the overnight rate steady at 1%, but, in virtually the next breath, bank Governor Mark Carney hinted at rate hikes in the near future, adding that the world's economy is expanding at roughly the pace Canada's central bank was anticipating.
ON BAYSTREET
The TSX Venture Exchange sagged 0.28 points to 1,242.30.
Of the 14 Toronto subgroups, nine were positive to begin the day, led by the metals and mining, consumer discretionary and real-estate sector, all hiking 0.3% each.
The five laggards were weighed mostly by utilities and global base metal issues, each off 0.5%, while industrials suffered 0.1%.
ON WALLSTREET
U.S. stocks drifted higher early Wednesday, as investors wait to take cues from jobs numbers due out Friday. All eyes are also focused on whether the European Central Bank acts to protect the euro when it meets Thursday morning.
The Dow Jones industrial average dipped 54.90 points to open the day at 13,035.90.
The S&P 500 index fell 1.64 points to 1,404.94, but the tech-heavy Nasdaq Composite Index was higher by 8.09 points to 3,075.06.
Disney led gainers on the Dow, rising 1.7% in early trading. American Express was the main laggard, falling 1.5%.
Dollar General raised its outlook for the remainder of the year after reporting better-than-expected second-quarter earnings. Net income for the discount retailer also increased nearly 50% from the same quarter last year.
Shares of FedEx fell after the company said Tuesday it would cut its outlook for the quarter, citing weakness in the global economy. The news dragged down shares of rival UPS
The U.S. Justice Department accused British Petroleum of being "grossly negligent" in its handling of the Deep Water Horizon oil spill in 2010, which could significantly raise the company's legal liability.
After hitting another all-time low on Tuesday, Facebook shares edged higher after CEO Mark Zuckerberg said Tuesday he will not sell his shares for a year.
Apple shares edged higher, after the company announced an event for Sept. 12 at which it is widely expected to introduce a new iPhone.
Investors are keeping a close watch on all economic numbers ahead of the Federal Reserve's Sept. 12-13 policy meeting, since the reports will likely influence the central bank's decision on whether it will announce more quantitative easing.
On the economic slate, the U.S. Labor Department said worker productivity in the non-farm business sector increased at a 2.2% annual rate in the second quarter.
The price on the benchmark 10-year U.S. Treasury stayed put, keeping yields at Tuesday’s 1.58%.
Oil prices for September delivery fell 96 cents to $94.34 U.S. a barrel.
Gold futures for December delivery lost $2.60 to $1,695.60 U.S. an ounce.
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