October 1, 2009 / 12:29 PM / 8 years ago

CANADA STOCKS-TSX eyes soft open as oil, gold sag

4 Min Read

TORONTO, Oct 1 (Reuters) - Toronto's main stock index could open flat to slightly lower on Thursday as investors pause after closing the quarter on a high note, while weak commodity prices pressure the resource-heavy market.

Toronto may also follow world stocks, which kicked off October on a weaker note [MKTS/GLOB]. U.S. stock index futures pointed to a flat to lower open. [.N]

On Wednesday, the S&P/TSX composite index .GSPTSE ended almost unchanged at 11,394.96. The TSX ended the month up 4.8 percent and rose 9.8 percent for the quarter.

Here is some news that could affect the market:

Nortel Networks nrtlq.pk

Nortel Networks Corp said on Wednesday it plans to sell its global GSM business, as the bankrupt telecom equipment maker continues to auction off its assets. [ID:nN30222128]


Environmental activists said on Wednesday they canoed into Suncor Energy Inc's Alberta oil sands operation, blocking equipment in a second protest action in as many weeks aimed at disrupting crude production. [ID:nN30215998]

Canada Set to Avoid Election

Canada seemed set to avoid an early election for a second time this month after the small New Democratic Party (NDP) said on Wednesday it would keep the minority Conservative government in power. [ID:nN30231336]

Oil Drops

Oil fell below $70 on Thursday, pulling back after the biggest daily jump since April as ballooning distillate stocks doused positive sentiment and revived the view that oil prices may have run ahead of demand. [O/R]

Gold Soft

Gold was marginally softer on Thursday, weighed as the dollar arrested its fall, but prices held on above key support at $1,000 with investors content to stay sidelined ahead of U.S. manufacturing and housing data. [GOL/]

Base Metals Mixed

Copper steadied above $6,000 on Thursday with lingering concerns over a slowdown in Chinese imports capping gains, but with technical momentum supportive following a strong third quarter close on Wednesday. [MET/L]

Athabasca Potash api.to

Canadian potash explorer Athabasca Potash Inc API.TO said late on Wednesday its Chief Executive Robert Boyd resigned, the latest development in a series of management upheavals at the company. [ID:nBNG110038]

Canwest cgs.to,

Canadian media company Canwest Global Communications Corp, said its Canwest Limited Partnership unit is continuing discussions with its lenders over the framework for a potential recapitalization deal. [ID:nBNG44275]


State-controlled Russian uranium miner ARMZ Holding is in talks with Canada's Cameco Corp on possible mining joint ventures in Australia and Africa, the company's deputy head said on Thursday. [ID:nL1125651]

Capital Markets

Activity in global capital markets may be flat or even lower next year as the world economy struggles to pull out of recession, according to a survey released Thursday by RBC Capital Markets. [ID:nN30236137]

Canada Research

Scotia raises targets on Cascades (CAS.TO), 6 others. [ID:nWNAB5119]

Scotia raises Corus Entertainment (CJRb.TO) price target to C$20 from C$19; rating sector outperform.

RBC raises Methanex Corp (MX.TO) price target to $21 from $19; rating outperform.

For more research, please see: [CA-RCH]

$1=$1.07 Canadian Reporting by Jennifer Kwan, Editing by Chizu Nomiyama

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