Toronto's main stock index opened higher on Wednesday, helped by solid U.S. economic data and reassurance from Chinese authorities that the nation will keep investing in debt issued by euro-zone governments
The S&P TSX Composite Index improved 24.45 points to begin Wednesday at 12,378.92.
The Canadian dollar added 0.22 of a cent to 100.36 cents U.S.
Canadian energy stocks will be in focus after a couple of high-profile companies reported their quarterly results. Talisman Energy Inc. in its fourth quarter reported a loss of $117 million or 11 cents a share.
Cenovus Energy Inc. reported that its earnings rose to $266 million or 35 cents a share, up from 10 cents a share last year.
Other stocks to watch this morning include Air Canada set to continue labour negotiations with its 3,000 pilots with the help of a government-appointed mediator, even as the pilots voted overwhelmingly in favour of giving their negotiators the option to call a strike.
Investment ace CI Financial Corp. said on Tuesday it has agreed to buy a minority stake in Lawrence Park Capital Partners, a hedge fund manager focused on the fixed income market.
Labrador Iron Mines Holdings Ltd. said its quarterly loss narrowed marginally, helped mainly by a forex gain.
The economic cupboard was bare except for word from the Canadian Real Estate Association (CREA), which said national resale housing activity retreated 4.5% in January 2012 from December.
This marks the first monthly decline since August 2011 and the biggest monthly decline since July 2010.
ON BAYSTREET
The TSX Venture Exchange regained 11.87 points to 1,641.90, while the Nasdaq Canada index grew 3.22 points to 415.77
Nine of the 14 Toronto subgroups began the day in positive country. Gold and materials forged ahead 0.7% each, while information technology ticked 0.6% higher.
The five laggards were weighed mostly by a 0.3% decline in the industrials group, while health-care and global base metals were 0.2% each to the bad.
ON WALLSTREET
In New York, stocks opened mixed Wednesday, as investors were encouraged by better-than-expected European economic data and China's support for the euro-zone, but kept a wary eye on developments out of Greece.
The Dow Jones Industrials faded 20.44 points at the outset to 12,857.80.
The S&P 500 inched ahead 1.44 points to 1,351.94, while the tech-focused Nasdaq improved 14.88 points to 2,946.71
Comcast shares popped after the cable provider beat estimates for its fourth-quarter profit and revenue, and announced a 44% increase to its dividend -- as well as a $6.5-billion U.S. stock buyback program.
Shares of Abercrombie & Fitch surged even after the retailer's fourth-quarter profit fell from a year ago.
Shares of Dean Foods jumped after the company's fourth-quarter loss narrowed compared to a year ago.
Devon Energy's stock rose on the company's higher-than-expected fourth-quarter profit, as production of oil and gas rose.
Shares of Hartford Financial spiked after hedge fund manager John Paulsom ramped up pressure on the company, calling for it to spin off the property-and-casualty business from the life insurance business. Paulson trimmed his stake in the company during the fourth quarter, but remains Hartford's largest shareholder.
Shares of Zynga were down sharply after the social gaming giant posted a net loss of $404 million U.S. for the full 2011 fiscal year, due to large stock-based compensation expenses.
Procter & Gamble has found a new buyer for its Pringles unit. Cereal maker Kellogg Co. will pay $2.7 billion U.S. for the distinctively shaped potato chip product. P&G was looking for a buyer for Pringles after a previous deal fell through last week, in the wake of a scandal at would-be buyer Diamond Foods
Shares of Madison Square Garden, the parent company of the New York Knicks, continued to move higher as the fervour over Harvard-grad-turned-Knicks'-superstar-point-guard Jeremy Lin put the stock in favour.
A much anticipated meeting of euro-zone finance ministers scheduled for Wednesday was canceled a day earlier. Jean-Claude Juncker, who heads the Eurogroup of 17 euro-zone finance ministers, said more work needed to be done between Greece and its bailout partners, and that he would hold a conference call in place of Wednesday's meeting.
Greece needs the finance ministers to approve its latest economic reform proposal, in order to secure bailout funds to avoid defaulting on a €14.5-billion bond redemption in March.
The overall euro-zone economy shrank for the first time in more than two years in the fourth quarter of 2011, but the 0.3% decline was not as bad as economists expected. The latest figures were helped by a smaller-than-expected drop in German GDP and surprise growth in France -- the euro-zone's two largest economies.
Meanwhile, a China-European Union summit ended Tuesday with promises for more support from Beijing for debt-straddled Europe.
On the economic calendar, the Empire Manufacturing survey rose to 19.5 in February, from 13.5 the previous month. Analysts were expecting the survey to come in at 14.0.
Industrial production was flat in January, compared to a 1% rise the previous month. Analysts were expecting production to rise by 0.6%.
The February installment of the National Association of Home Builders' Housing Market Index is expected to stand at 26, up from 25 in January.
The Federal Reserve will today release the minutes from its monetary policy meeting in late January.
Treasury prices for the 10-year note eased a bit, lifting yields to 1.93% from Tuesday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained 94 cents to $101.68 U.S. a barrel.
Gold futures for April delivery gained $19.80 to $1,737.50 U.S. an ounce.
