Stock markets in Toronto opened higher on Thursday as investors shifted focus from Portugal and Egypt's political turmoil to a European Central Bank meeting ahead of Friday's U.S. and Canadian jobs data.
The S&P/TSX Composite Index recovered 44.04 points to begin trading Thursday at 12,189.72
The Canadian dollar gained 0.21 cents to 95.39 cents U.S. Thursday
Volumes were expected to be much lighter than normal with the U.S. market closed for the July 4 holiday.
Metals and mining stocks led the charge, with Teck Resources ahead 35 cents, or 1.6%, to $22.30.
Telecoms were also strong with TELUS Corporation up 56 cents, or 1.8%, to $32.24.
Global base metals stepped back a bit, with Thompson Creek Mines down four cents, or 1.3%, to $3.03.
Angle Energy Inc said that it may sell itself as it estimated second-quarter production to be about 10,800 barrels to 10,900 barrels of oil equivalent per day. Angle shares shot higher by 7.1%, or 24 cents, to $3.63.
National Bank Financial upped the target on Alimentation Couche-Tard to $69 from $62 as a result of rolling forward earnings estimates from the next two fiscal years. Couche-Tard shares shed a penny to $62.61
RBC raised the target price on BCE Inc. to $42 from $40 to reflect the acquisition of Astral Media Inc. BCE shares picked 15 cents to $42.83.
Bank of Japan Governor Haruhiko Kuroda claimed some success for the central bank's aggressive monetary stimulus, saying that the economy is on track to a steady recovery with signs inflation expectations are picking up.
Egypt will swear in an interim leader after a tumultuous 24 hours during which the army ousted President Mohamed Mursi and vast crowds celebrated in Cairo and Alexandria amid clashes that cost 14 lives.
The European Central Bank will leave interest rates unchanged and try to reassure investors rattled by new turmoil in Europe and the U.S. Federal Reserve's plans to begin winding up its stimulus.
ON BAYSTREET
The TSX Venture Exchange gained 1.44 points to 882.62
All but two of the 14 Toronto subgroups were stronger in the first hour, with metals and mining and telecom stocks each up 0.8%, materials ahead 0.6%.
The two laggards were global base metals, down 0.04%, and consumer staples, off 0.01%.
ON WALLSTREET
Markets are closed Thursday in observance of Independence Day.
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