(RTTNews) - Canadian stocks may hold on to their gains Wednesday morning on firm commodities prices and after the country reported improvement in January wholesales sales numbers. The Federal Reserve's move to keep interest rates unchanged, while making a optimistic assessment of the US economy, and encouraging earnings reports from major companies in the recent past will likely to help lift sentiment. The U.S. stock futures also point to a higher opening. On Tuesday, the S&P/TSX Composite Index added 80.60 points or 0.67% to 12,089.40. With the advance, the TSX finished at its highest closing level since the onset of the global financial crisis in the autumn of 2008. The price of oil moved up $0.88 to $82.58 after OPEC left its output levels unchanged. Bullion moved up for the second day adding $3.0 to $1,125.50 an ounce. In corporate news, oil and natural gas explorer Petrobank Energy (PBG.TO) reported more than two-fold rise in its fourth quarter net income at C$57.1 million from C$28.08 million in the year-ago quarter. On a per diluted share basis, net income increased 65% to C$0.56 from C$0.34. Natural gas producer Encana Corp (ECA.TO) said it will hike its 2010 capital budget by 20% to $4.5 billion and double its output over the next five years. Silicon metal producer Timminco Ltd. (TIM.TO) reported a wider loss of C$0.48 per share in the fourth quarter, compared to a loss of C$0.01 per share in the prior year period. Brokerage services provider Belzberg Technologies (BLZ.TO) reported a wider loss of C$0.74 per share in the fourth quarter, compared to a loss of C$0.02 per share in the year ago period. Bio-technology company BioMS Medical (MS.TO) slipped to loss in the fourth quarter, posting a consolidated net loss of C$0.08 per share, compared to a consolidated net income of C$0.01 per share in the previous year period. Natural resources company Sprott Resource (SCP.TO) said it will offer units of its subsidiary, Stonegate Agricom Ltd., through an initial public offering. Manufacturer of immune therapeutics Cangene Corp. (CNJ.TO) reported a lower net income of C$0.06 per share for the second quarter, compared to C$0.08 per share in the same quarter last year. Healthcare product maker TSO3 Inc. (TOS.TO) reported a narrower fourth-quarter net loss of C$0.05 per share, compared to C$0.06 per share in the prior year period. In economic news, Statistics Canada said wholesales sales in current dollars rose the strongest in three years by 3.0% to $44.4 billion in January. The growth in January was contributed by all the sectors, with automotive products, building materials, machinery and electronic equipments recording notable gains.

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