Canadian markets opened higher Wednesday as global markets reacted to Greece's announced measures to rein in its deficit.
The S&P/TSX composite index rose 41.74 points, or 0.35 per cent to 11,870.05.
On the New York Mercantile Exchange, gold rose $2.90 to $1,140.30 US an ounce. Oil added 46 cents US to $80.14 US a barrel.
The Canadian dollar rose 31 basis points to 96.81 US cents.
Greece passed 4.8 billion euros in budget cuts to deal with its huge deficit Wednesday, despite protests and threats of strikes from its civil service. "(Wednesday's) announcement from Greece in the face of recent public protests suggests that the government is taking the problem seriously and so far appears to be showing the resolve to deliver, which has been easing market fears," Colin Cieszynski, market analyst at CMC Markets Canada, wrote in a note.
Royal Bank of Canada reported first-quarter net income of $1.497 billion, or $1 a share, up 35 per cent from last year. The figure was still below expectations of $1.04 per share, according to Reuters' analysts. Shares were trading at $57.48, down 72 cents.
Laurentian Bank of Canada said on Wednesday first-quarter profit rose to $32 million, or $1.21 a share, compared with $25 million, or 91 cents a share, in the same quarter a year earlier, beating expectations. Its shares were trading at $41.49, up $1.10.
Tuesday, Bank of Montreal also reported better-than-expected quarterly earnings.
Media company Torstar Corp. on Wednesday reported fourth-quarter profits of $57.4 million, or 73 cents a share, compared with a loss of $213.9 million, or $2.71 a share, in the same period last year. The results beat Reuters' estimates for a profit of 37 cents a share. Its shares were up 50 cents to $7.75.
In the U.S., the Dow Jones industrial average added 40.20 points, or 0.39 per cent, to 10,446.18. The Nasdaq also rose 7.52 points, or 0.33 per cent, to 2,288.31.
A pair of employment reports out of the U.S. showed the situation there improving dramatically. ADP Employer Services said Wednesday that U.S. companies cut 20,000 jobs in February, down from the 60,000 in job cuts in January and the lowest number in two years. Meanwhile, global outplacement consultant firm Challenger, Gray & Christmas, Inc. said U.S. employers announced 42,090 planned job cuts in February, down from the 71,482 cuts announced in January and the lowest figure since July 2006.
Overseas, London's FTSE gained 5.01 points, or 0.09 per cent, to 5,489.07. Frankfurt's DAX rose 1.62 points, or 0.03 per cent, to 5,778.18 and the Paris CAC fell 0.6 points, or 0.02 per cent, to 3,811.32.
Japan's Nikkei closed up 31.30 points, or 0.31 per cent, to 10,253.14, while Hong Kong's Hang Seng slipped 29.32 points, or 0.14 per cent, to 20,876.79.
On Tuesday, the S&P/TSX composite index gained 100.25 points, or 0.86 per cent, to 11,828.31. The Dow ended up just 2.19 points, or 0.02 per cent, at 10,405.98 and the Nasdaq was up 7.22 points, or 0.32 per cent, to 2,280.79.
