December 3, 2009 / 1:23 PM / 8 years ago

CANADA MARKETS-TSX may rise on resources, banks

4 Min Read

TORONTO, Dec 3 (Reuters) - Canada's main stock market index could open higher on Thursday as record gold trades and firm oil prices underpin the commodity-heavy market.

Investors will also take time to digest quarterly results from a number of the country's biggest banks, including Toronto Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO).

Toronto's main stock index rose to its highest level in more than 14 months on Wednesday as a surge in gold prices pushed up gold-mining shares. [ID:nN02515196]

Here is some of the news that could affect the market:

Gold Hits Fresh High

Gold prices rallied to fresh record highs above $1,225 an ounce in Europe on Thursday as the U.S. dollar slid toward a 16-month low against the euro, fueling buying of the metal as an alternative asset.[ID:nGEE5B20XL]

u.s. Crude Rises

U.S. crude oil futures rose on Thursday as fund activity helped the market recover from a sell-off the previous session, but oversupply curbed gains.[ID:nSP475663]

Canada Bank Results

Two of Canada's big banks reported better-than-expected profits on Thursday amid signs that bad loans may have peaked, and executives said they were heading into 2010 primed for growth.[ID:nN0375031]

National Bank

National Bank of Canada (NA.TO) said on Thursday quarterly profit more than tripled, helped by stronger financial markets-related profit and fewer write-downs. [ID:nN0383338]

Bombardier Inc

Bombardier Inc (BBDb.TO) reported a 26 percent drop in quarterly profit on Thursday as the slump in the aerospace sector outweighed a strong performance by the company's rail transportation segment.[ID:nBNG175056]

Nortel Networks

Bankruptcy courts cleared on Wednesday Ciena Corp's CIEN.O acquisition of a unit of bankrupt Nortel Networks Inc NRTLQ.PK for $769 million after fighting off a legal challenge by Nokia Siemens Networks. [ID:nN0211773]

Canadian National Railway

Canadian National Railway (CNR.TO) (CNI.N) said on Wednesday it reached an agreement with striking locomotive engineers to end their walkout, as the government prepared to step in with back-to-work legislation. [ID:nN02544166]

Research Roundup

Following is a summary of research actions on Canadian companies reported by Reuters on Thursday [RCH/CA]

* Desjardins cuts Potash Corp (POT.TO) to "hold" from "buy"

* UBS raises Enbridge Inc (ENB.TO) price target to C$51 from C$47; Rating "buy"

* RBC cuts Teck Resources TCKb.TO to "sector perform" from "outperform" on valuation

* National Bank cuts BCE Inc (BCE.TO) to "sector perform" from "outperform" on valuation ($1=$1.05 Canadian) (Reporting by Scott Anderson; Editing by Padraic Cassidy) ((scott.anderson@reuters.com; +1 416 941 8106; Reuters Messaging: scott.anderson.reuters.com@reuters.net))

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