CANADA STOCKS-TSX may open higher on gold, banks eyed

Wed Mar 3, 2010 8:05am EST
 
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TORONTO, March 3 (Reuters) - Canada's main stock market index may open higher on Wednesday, as firm gold and energy prices prop up the commodity-heavy index, but weaker-than-expected results from Royal Bank of Canada RY.TO may temper gains.

Greece will also be in the spotlight after its government unveiled 4.8 billion euros worth of new austerity measures on Wednesday designed to meet European Union demands for extra savings and pave the way for any rescue from the threat of default. For details, see [ID:nLDE6221AG]

Toronto's main stock market index closed higher on Tuesday, as commodity prices rallied and impressive quarterly results from Bank of Montreal BMO.TO lifted the index's heavily weighted financial sector.

Here is some news that may affect the market.

ROYAL BANK OF CANADA

Royal Bank of Canada said quarterly profit rose 35 percent on strong domestic banking and lower loan losses, but the results were weaker than some expected, and shares were expected to ebb when trading opens in Toronto. [ID:nN03214185]

OIL HIGHER

Oil topped $80 a barrel on Wednesday, as the dollar weakened and investors looked ahead to a U.S. inventory report expected to show a fall in distillates stocks and higher crude supplies. [ID:nSGE62209X]

GOLD RISES   Continued...