It was another quiet but steady day of trading on the Canadian Markets during Wednesday’s session, as surging oil prices and speculation that the Chinese will take down a stake in mining giant BHP Billiton helped fuel resource related stocks. For the tale of the tape, the TSX Exchange added 0.17%, while the TSX Gold Index gained 2.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session up 0.63% with advancing issues outpacing the decliners by a 503 to 457 margin on volume of 163 million shares traded.

Baytex Energy Trust is buying Burmis Energy in a share transaction that would see Burmis shareholders get 0.1525 Baytex trust unit for each Burmis share held. Baytex ended the day down C$0.42 at C$23.52, while Burmis added C$0.24 to close at C$3.46.

Shares of Gastem hit yet another 52-week high as investors lay down bets that partner Forest Oil has a tiger by the tail in the form of a significant gas play in the St. Lawrence Lowlands of Quebec. Gastem ended the day up C$0.26 at C$3.08.

Red Back Mining boosted the resources at its Chirano gold mine in Ghana, West Africa. The open pit measured and indicated resource now stand at 35 million tonnes grading 1.83 grams gold per tonne, while the underground portion has an indicated resource of 5.86 million tonnes grading 1.15 grams gold per tonne and an inferred resource of 680,000 tonnes running 4.07 grams gold per tonne. Red Back ended the session up C$0.26 at C$7.86.

The Canadian markets were back in the black after seeing red on Tuesday. Commodity prices remain extremely robust and that should mean good things for the resource heavy Canadian markets going forward. We will see what Thursday trading has in store.