The Toronto stock market was higher as equities continued to find favour amid expectations that central banks will come out with new measures to support economic growth
The S&P/TSX Composite Index gained 82.33 points to greet noon at 11,931.08
The Canadian dollar shaved off 0.02 cents to 98.77 cents U.S.
The TSX has surged almost 400 points over the last two sessions to a two-month high, amid growing expectations that policymakers will use fiscal and monetary stimulus to bolster flagging growth.
Lift on the Toronto market was supplied by the consumer discretionary sector where auto parts giant Magna International gained $1.24 to $41.25.
Financials also advanced with Manulife Financial ahead seven cents to $11.43.
In the energy sector, Suncor Energy shed 14 cents to $30.57.
In the metals and mining sector, Lundin Mining gave back 15 cents to $4.38 while Thompson Creek Metals gained three cents to $3.45.
Among gold plays, Barrick Gold Corp. was down 50 cents to $39.
On the corporate front, The Maple Group Acquisition Corp. says the Ontario Securities Commission has approved final recognition orders with respect to a proposed acquisition of TMX Group.
The orders provide the terms under which the OSC will permit Maple to operate a combined exchange and clearing group involving the TMX, Alpha Trading Systems Inc. and the Canadian Depository for Securities Ltd. TMX shares gained 42 cents to $47.27.
Trican Well Service Ltd. shares fell $1.47 or 12.03% to $10.75 after the company warned that it expects to post a loss of between 32 and 42 cents per share in the second quarter — much worse than analysts had been anticipating.
The Calgary-based company said late Tuesday after the market closed that wet weather in May and June had delayed some projects. It also said pricing will decline in the second half of 2012 due to reduced customer budgets and increased competition in the Canadian market.
Avion Gold Corp. says a stalled expansion at the Tabakoto mine in western Africa will be restarted late this year or early in 2013. The expansion had been put on hold in May due to political unrest in Mali that caused some of Avion’s foreign workers to leave the country. Its shares jumped five cents to 49.5 cents.
Labrador Iron Mines Holdings Limited says it has temporarily halted operations in the Schefferville area of Quebec due to a blockade that is affecting access to its mining operations. The company says it believes the blockade was set up by local residents, though it isn’t entirely sure why they’ve done it. Its shares rose five cents to $2.70.
ON BAYSTREET
The TSX Venture Exchange took on 8.72 points to 1,234.21.
All 14 Toronto subgroups surged, led by consumer discretionaries, up 1.4%, financials, up 1%, and information technology issues, gaining 0.7%.
ON WALLSTREET
American markets are closed in observance of Independence Day
