The Toronto stock market started Wednesday with slight gains, as equities continued to find buoyancy amid expectations that central banks will come out with new measures to support economic growth.
The S&P/TSX Composite Index gained 23.16 points to begin Wednesday trading at 11,871.91
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.
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 stock gained 41 cents at the open to $47.26.
Trican Well Service Ltd. warns 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.
Trican shares dropped $1.41, or 11.5%, at the outset to $10.81.
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. Avion stock leaped 4.5 cents, or 10.1%, to 49 cents in the early going.
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. Labrador stock forged ahead six cents, or 2.3%, to $2.71.
The TSX Venture Exchange took on 7.77 points to 1,233.36.
Of the 14 Toronto subgroups, all but three gained soon after the opening bell, led by consumer discretionary issues, up 0.8%, health-care stocks, up 0.6%, and consumer staples, ahead 0.4%.
The three laggards were energy, down 0.4%, gold, 0.3% less lustrous, and information technology, off 0.04%.
American markets are closed in observance of Independence Day