After a shaky start, Toronto markets are inching upward on higher oil prices and a positive quarterly report from Cognos.

Better-than-expected results from Cognos released after yesterday’s boosted the software giant’s revenue forecasts. The stock gained 10% by noon today.

North American markets opened on a low note this morning, amid mostly negative global indicators.

The Canadian dollar rose again, opening at US89.77¢, up US0.4¢, following its climb of US.77¢ yesterday.

Oil prices rebounded today following a slump mid-week. The November contract for light sweet crude jumped US51¢ to US$62.10 a barrel.

Yesterday’s negative report from the Philadelphia Federal Reserve manufacturing survey, which measures manufacturing activity, sent U.S. stocks lower. It was the first such negative report since April 2003.

The report sparked concerns that had a negative impact on Asian and European stock markets today. The Nikkei 225 closed 1.3% lower in Japan, and the German DAX dropped 1% at midday.

On Thursday, Toronto stocks closed slightly lower as oil and gas prices began their rebound. U.S. markets dropped over concerns about signs of a domestic slowdown.

The S&P/TSX composite index fell 7.65, or 0.07%, to 11,627.74.

Six of the 10 TSX main sub-groups were down, despite a gain in the energy sector of 1.12%.