The Toronto stock market was slightly higher at the open amid rising prices for oil and metals and disappointing earnings news from pipeline giant TransCanada Corp.
The S&P/TSX composite index gained 10.51 points to 12,758.66. TransCanada Corp. reported that its net income attributable to common shareholders fell to $306-million or 43 cents per share. Its comparable earnings, which exclude most unusual items, declined to $318-million or 45 cents per share, four cents less than analysts expected and its shares dipped 22 cents to $48.03.
The Canadian dollar was down a slight 0.01 of a cent to 99.56 cents U.S. after the G7 countries, including Canada, affirmed their commitment to exchange rates determined by the markets and not government policy. The statement came out prior to a weekend meeting of Group of 20 Finance ministers where exchange rates and the threat of a "currency war" are expected to feature heavily.
U.S. stocks were little changed at the open on Tuesday, hovering near multi-year highs as traders awaited President Barack Obama's State of the Union address.
The Dow Jones Industrials were up 17.93 points at 13,989.17, the Nasdaq was down 0.46 of a point to 2,191.54 while the S&P 500 index added 0.97 of a point to 1,517.98.
Oil gained 35 cents to $97.38 (U.S.) a barrel.
With a file from Reuters
Inside the Market editor Darcy Keith is away and will return next week.