June 4, 2009 / 12:02 PM / 8 years ago

CANADA STOCKS-TSX may open higher on commodities

4 Min Read

TORONTO, June 4 (Reuters) - Toronto's main stock index could open higher on Thursday, after a sharp drop in the previous session, as oil and metals prices look set to bolster the resource-laden market.

Canadian investors will also take time to digest the latest interest rate decision from the Bank of Canada and its accompanying comments. The central bank is widely expected to leave the overnight rate unchanged at 0.25 percent.

World equities traded close to 2009 highs on Thursday, while U.S. stock index futures signaled a rebound. [MKTS/GLOB] [ID:nL4611253]

On Wednesday, the S&P/TSX composite index .GSPTSE closed down 2.8 percent, at 10,290.12. Nine of its 10 sectors ended lower, with the consumer discretionary group the only one to eke out a gain.

Here is some news that could affect the market:

Oil Rises Above $67, Goldman Ups Forecasts

Oil rose above $67 a barrel on Thursday after a 3.5 percent decline the previous day, boosted by increased oil price forecasts from U.S. investment bank Goldman Sachs (GS.N). [nSIN371584]

Gold Edges Off Highs, Eyes Ecb Rates Decision

Gold edged off highs in Europe on Thursday as the dollar recovered some earlier losses against the euro, with traders taking to the sidelines ahead of an interest rate decision from the European Central Bank later in the day. [nL4240402]


Suncor Energy (SU.TO) said on Thursday that its oil sands facility averaged about 296,000 barrels per day in May, inline with its target of averaging about 300,000 barrels. [nWNAB6535]

Icbc to Buy Canadian Unit of Bank of East Asia-Source

Industrial and Commercial Bank of China (ICBC) (1398.HK) will buy a 70 percent stake in a Canadian unit of Bank of East Asia (0023.HK) as part of its strategy to expand overseas, a source familiar with the deal told Reuters. [nPEK340784]

Canwest to Hire Exec to Lead Restructuring-Paper

Canwest Global Communications CGS.TO, Canada's biggest media company, is planning to hire a senior executive to lead a financial restructuring and possibly supersede Chief Executive Leonard Asper, the Globe and Mail reported on its website on Thursday. [nBNG377733]

Blackberry Maker Warns on Security Vulnerability

BlackBerry maker Research in Motion Ltd RIM.TO has issued a security patch for the popular device, whose users include U.S. President Barack Obama, warning that it is vulnerable to attacks by hackers. [nN0377612]

Domtar Raises Tender-Offer Cap for Notes

Canadian forestry firm Domtar Corp (UFS.TO) (UFS.N) said on Wednesday it raised the tender cap for its 7.875 percent notes due 2011 to $400 million from $250 million. [nBNG344507]

Research Round-Up

Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. For more, see [RCH/CA]

*Versant raises Reitmans RETa.TO to Buy from Neutral

*Genuity cuts WestJet Airlines (WJA.TO) price target to C$14 from C$16; Rating Buy

*Canaccord Adams raises Twin Butte Energy TBE.TO price target to C$1.20 from C$1; Maintains Buy rating ($1=$1.11 Canadian) (Reporting by Scott Anderson; Editing by Theodore d'Afflisio)

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