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The Toronto Stock Exchange was up in early trading Wednesday as some good bank earnings were complemented by higher metal prices.

The S&P/TSX composite index was up 51.09 points, or 0.38%, to 13,646.21, shortly after Wednesday’s open.

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The rise came on the heels of Bank of Montreal’s better-than-expected income for its second fiscal quarter, as it was the first of the major Canadian banks to report this earnings season.

In other Canadian corporate news, Tim Hortons Inc. announced its chief executive, Don Schroeder, has resigned and it is looking for a new leader.

Turning to commodity markets, crude oil was down 66 cents US to $98.93 US a barrel in New York. Gold rose $1.40 US to $1,525.70 US an ounce. Copper was up 7.4 cents US to $4.087 US a pound.

The Canadian dollar was down 30 basis points to $1.0215 US.

There was some disappointment in international investment circles as companies ranging from U.S. high-tech equipment maker Applied Materials Ltd. to Australian ship maker Austal Ltd. produced earnings forecasts that fell short of analysts’ expectations.