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Traders work on the floor of the New York Stock Exchange, September 20, 2012. (BRENDAN MCDERMID/REUTERS)
Traders work on the floor of the New York Stock Exchange, September 20, 2012. (BRENDAN MCDERMID/REUTERS)

At the open: commodity prices strengthen Add to ...

The Toronto stock market gained traction after the open on Friday as commodity prices moved higher.

By mid morning the S&P/TSX composite index was ahead 10.05 points to 12,419.95. The TSX Venture Exchange rose 8.54 points to 1,343.43.

The Canadian dollar increased 0.14 of a cent to 102.52 cents U.S.

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Both crude oil and gold pushed for gains in the early morning. November crude on the New York Mercantile Exchange moved up 75 cents to $93.17 U.S. a barrel.

The December bullion increased $10 to $1,780.20 U.S. an ounce. December copper was up 3.3 cents to $3.79 a pound.

A report from Statistics Canada showed that Canada’s inflation rate continued to slide in August, dipping one-tenth of a point to 1.2 per cent as most goods and services tracked by the agency fell or rose moderately compared with the same month last year.

Elsewhere, hopes that Spain was preparing to tap a new European aid program re-emerged. The ECB recently announced a bond-buying program meant to bring down the borrowing rates of countries that ask for financial aid. The plan has eased market tensions in Spain, but mainly on the assumption that Madrid will request the aid — something it has so far balked at doing.

On Wall Street, the Dow Jones industrials gained 42.78 points to 13,639.71. The Nasdaq composite index trekked ahead 18.90 points to 3,194.86 and the S&P 500 index was 6.3 points higher to 1,466.56.

Research In Motion says it’s investigating the cause of a BlackBerry outage affecting users in Europe, Middle East and Africa on Friday, though the company said the problem has since been resolved. The technical glitch came as Apple launches its new iPhone 5 model in stores.

In Europe, the FTSE 100 index of leading British shares was up 0.01 per cent at 5,855 while Germany’s DAX rose 1.1 per cent to 7,472. The CAC-40 in France was up 0.8 per cent at 3,537.

Earlier in Asia, Tokyo’s Nikkei 225 index, gained 0.2 per cent to 9,110.0 while China’s benchmark Shanghai Composite Index added 0.1 per cent to 2,026.69. Hong Kong’s Hang Seng rose 0.7 per cent to 20,734.94.

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