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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.
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 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 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]
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 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 (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]
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 (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]
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) ((email@example.com; +1 416 941 8106; Reuters Messaging: firstname.lastname@example.org))