TORONTO: Toronto's main stock index edged slightly higher on Tuesday morning, tracking firmness in global markets after German and US data soothed concerns about the health of the global economy.
Investor sentiment about the economic outlook in Europe was bolstered after euro-zone finance ministers gave final approval to a second bailout for Greece and data in Germany showed analyst and investor sentiment rose significantly more than expected in March.
"It looks like the Europeans are trying to get their house in order. It isn't going to happen overnight, but nevertheless they're making steps in the right direction," said Fred Ketchen, director of equity trading at ScotiaMcLeod.
At 10:25 a.m. (1425 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 11.90 points, or 0.1 percent, at 12,439.91, with seven of its 10 key sector higher.
The data lifted European shares to near three-week highs on Tuesday and the US dollar hit an 11-month peak. US stocks also climbed after a report showing better than expected retail sales last month and easing concerns about the euro zone's economy.
Taken together the headlines helped to support metals and financial shares, said Ketchen.
"The price of copper is showing a little bit of steadiness here so we've got the metals sector a little on the stronger side. We've got small gains in the financial services sector, small gains in the industrial sector," he said.
Leaders on the upside included Suncor Energy, up 1 percent at C$33.56, and First Quantum Minerals, up 2 percent at C$20.86.
Teck Resources rose 1.3 percent at C$35.96 and Goldcorp was higher by 0.7 percent at C$46.53. Royal Bank of Canada climbed 0.5 percent to C$57.04.
In company news, Transcontinental Inc was down 1.8 percent at C$12.65 after posting a first-quarter loss on a tax provision, but Canada's biggest commercial printer raised its quarterly dividend by 7 percent.
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