TSX makes first gain this week

Toronto Stock Exchange broke a two-day slide Wednesday as economic and corporate news in Canada and abroad helped lure investors back into the market.

The S&P/TSX composite index closed up 42.35 points, or 0.36 per cent, to 11,961.06. Financials and energy led the gains, while losses in materials held things back, mainly due to weakness in the gold sector.

The TSX Venture composite fell 1.96 points, or 0.13 per cent, to 1,556.80.

On Wednesday, China reported that its exports rose a stronger-than-expected 45.7 per cent annually in February and imports were up a larger-than-expected 44.7 per cent, bringing the trade balance to $7.6 billion U.S..

As well, a report submitted to the European Union by Greece shows the country is ahead of schedule with plans to reign in its budget deficit, Reuters reported.

Closer to home, Quebecor Inc. reported a return to profit in the fourth-quarter as a result of improvements in its telecommunications division and better-than-expected results in its news division.

The Canadian dollar was up five basis points to 97.48 cents U.S., its ninth straight day of gains.

On the New York Mercantile Exchange, crude oil was up 60 cents to $82.09 U.S. a barrel, while gold was off by $14.20 to $1,108.10 U.S. an ounce.

Looking at some of the major TSX gold stocks, Barrick Gold Corp. was down 2.15 per cent to $39.67 on Wednesday, while Goldcorp Inc. fell 2.51 per cent to $40.41.

Michael Sprung, president of Sprung & Co. Investment Counsel, said early gains in oil prices helped set a "positive note" early in Wednesday's TSX trading session.

He said Bank of Nova Scotia's better-than-expected first-quarter earnings reported Tuesday, as well as the recent asset sales of U.S. insurer American International Group Inc. worth about $50 billion U.S., were giving some momentum to the financials sector on Wednesday.

"Overall, what it was saying to investors is that the financial sector is in better shape than what it was," Sprung said.

Scotiabank, like most other Canadian banks, made more profit than expected in its first fiscal quarter. Still, its shares were down for a second straight day Wednesday, losing 0.61 per cent to close at $49.12.

AIG shares, meanwhile, surged 10.59 per cent to close at $36.24 U.S. in New York.

The Dow Jones industrial average was up 2.95 points, or 0.03 per cent, to 10,567.33. The Nasdaq composite index was ahead by 18.27 points, or 0.78 per cent, to 2,358.95.

European markets were up for the most part Wednesday, while the main Asian indexes in Japan and Hong Kong were essentially flat.