TORONTO - The Toronto stock market was set to open slightly higher Wednesday as equities continued to find buoyancy amid expectations that central banks will come out with new measures to support economic growth.

The Canadian dollar was little changed, down 0.03 of a cent to 98.74 cents US.

It could be a quiet session on the TSX, with U.S. markets closed for the Independence Day holiday.

Commodity prices were mainly lower in electronic trading on the New York Mercantile Exchange following significant increases over the last three sessions.

The August crude contract backed off 62 cents to US$87.04 a barrel after growing tensions with Iran helped push crude up almost US$4 on Tuesday. That still leaves crude up about $10 from last Thursday.

The September copper contract dipped three cents to US$3.51 — still up over five per cent since last Thursday — while August bullion stepped back $4.80 to US$1,617 an ounce.

The TSX has surged almost 400 points over the last two sessions to a two-month high amid growing expectations that policymakers will use fiscal and monetary stimulus to bolster flagging growth. The European Central Bank and the Bank of England are scheduled to meet Thursday. Analysts are expecting the ECB to cut its key rate by up to half a percentage point and the U.K. central bank to boost the amount of money in circulation.

There was also relief after Europe’s leaders appeared at the end of last week to have finally come up with plans that show they are serious about restoring confidence in the eurozone.

Among other things, the plan allows European bailout funds to pump money directly into troubled European banks, rather than make loans to governments to bail out the banks. The move rescues the banks without putting strapped countries deeper in debt.

European bourses were in the red as investors took in data showing that the eurozone purchasing managers index for June continued to contract sharply but at a somewhat slower pace than in May. The Markit composite PMI the 17-nation region rose to 46.4 from 46 in May and came in above a preliminary June reading of 46. A figure below 50 indicates a contraction in activity.

London's FTSE 100 off 0.11 per cent, Frankfurt's DAX declined 0.63 per cent and the Paris CAC 40 lost 0.56 per cent.

Stocks in Asia were mostly higher. Japan’s Nikkei 225 index rose 0.4 per cent, South Korea’s Kospi gained 0.4 per cent, Australia’s S&P/ASX 200 added 1.1 per cent, China’s Shanghai Composite fell 0.1 per cent and Hong Kong’s Hang Seng was down 0.1 per cent.

On the corporate front, The Maple Group Acquisition Corp. says the Ontario Securities Commission has approved final recognition orders with respect to a proposed acquisition of TMX Group (TSX:X). The orders provide the terms under which the OSC will permit Maple to operate a combined exchange and clearing group involving the TMX, Alpha Trading Systems Inc. and the Canadian Depository for Securities Ltd.

Trican Well Service Ltd. (TSX:TCW) warns that it expects to post a loss of between 32 and 42 cents per share in the second quarter — much worse than analysts had been anticipating. The Calgary-based company said late Tuesday after the market closed that wet weather in May and June had delayed some projects. It also said pricing will decline in the second half of 2012 due to reduced customer budgets and increased competition in the Canadian market.

Avion Gold Corp. (TSX:AVR) says a stalled expansion at the Tabakoto mine in western Africa will be restarted late this year or early in 2013. The expansion had been put on hold in May due to political unrest in Mali that caused some of Avion’s foreign workers to leave the country.

Labrador Iron Mines Holdings Limited (TSX:LIM) says it has temporarily halted operations in the Schefferville area of Quebec due to a blockade that is affecting access to its mining operations. The company says it believes the blockade was set up by local residents, though it isn’t entirely sure why they’ve done it.

News from © The Canadian Press, 2012