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A good opening for TSX

The Toronto stock market was higher after a positive earnings report and outlook from resource giant Alcoa Inc..

The S&P/TSX composite index gained 17.72 points to 12,522.53 while the Canadian dollar was up 0.03 of a cent to 101.38 cents US.

U.S. indexes were positive after Alcoa reported results after the close Tuesday, meeting expectations of quarterly earnings of six cents a share. Revenue of US$5.9 billion beat expectations by $300 million and Alcoa predicted a seven per cent increase in demand this year, slightly better than the six per cent increase in 2012.

Alcoa shares were up two per cent in New York.

The Dow Jones industrials rose 44.58 points to 13,373.43, the Nasdaq was up 10.25 points to 3,102.06, while the S&P 500 index was ahead 3.81 points to 1,460.96.

The February crude contract on the New York Mercantile Exchange drifted 17 cents higher to US$93.32 a barrel.

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