(RTTNews) - Positive news from the euro zone and value buying helped lift sentiment on Canadian stocks in mid-morning deals Wednesday. The S&P/TSX Composite Index rose 111.92 points or 0.99% to 11,375.75. European banks borrowed $161 billion from ECB, a smaller-than-expected sum that suggested cash requirements from the banks are easing despite persistent worries about the debt crisis in the region. Meanwhile, economic data were mixed from both sides of the border. While Canadian economic recovery stalled in April, private sector employment in the U.S. increased by much less-than-expected in June. Traders started picking up stocks as valuations appeared cheap after a severe fall in the previous session that guided stocks to their 4-month low. On Tuesday, the main index plummeted 343.18 points or 2.96% to 11,263.83, levels not seen since early February, amid worries over the global economic growth. Yesterday, the Conference Board said leading economic indicator for China rose 0.3% in April, less than the 1.7% gain reported earlier in June. The previous release contained a 'calculation error', the New York-based research group said. The price of crude oil edged down in morning deals ahead of weekly inventories data from the EIA. Crude for August eased $0.36 to $75.94 a barrel. Among energy plays, Celtic Exploration (CLT.TO), Baytex Energy Trust (BTE_UN.TO) and Cenovus Energy (CVE.TO) were up around 2% each. Energy company Paramount Resources (POU.TO) was up 1.27% The company said it acquired Redcliffe Exploration Inc. and an indirect wholly- owned subsidiary of Paramount. Natural gas and oil royalty trust Daylight Energy (DAY.TO) edged up 0.63%. The company said it will divest certain gas assets n Eastern Alberta for $100 million in cash and $25 million in equity. In the financial space, Bank of Montreal (BMO.TO) and TD Bank (TD.TO) gained around 2% each. Canadian Western Bank (CWB.TO) rose 3.50%. Among base metals stocks, Ivanhoe Mines (IVN.TO) moved up 1.72% and First Quantum Minerals (FM.TO) gained 1.83%. The price of gold eased $1.6 to $1,240.8 an ounce. Barrick Gold (ABX.TO) and Iamgold (IMG.TO) were up around 2% each. Steel company Gerdau Ameristeel (GNA.TO: News ) edged up 0.52%. GNA and Gerdau S.A. (GGB) said that they will take Gerdau Ameristeel private at $11.00 cash per share or for a total sum of $1.6 billion. Specialty retailer West 49 Inc. (WXX.TO) rallied over 130% to C$1.280 after it said Billabong International Ltd. (BLLAF.PK, BBG.AX) has agreed to acquire all of its outstanding common shares and preferred shares for cash at C$1.30 per share.

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