August 4, 2009 / 12:24 PM / in 8 years

CANADA STOCKS-TSX may open lower as commodities fall

TORONTO, August 4 (Reuters) - Toronto’s main stock market index could open lower on Tuesday, as sliding oil and metal prices may weigh on the resource-heavy market.

Global stocks and commodity prices pulled back as investors paused to assess the state of the economy after pushing them higher in the past two weeks. [ID:nL4345227]

U.S. stock index futures slipped as investors gauge if the recent run-up will hold, while retreating oil prices looked set to weigh on energy shares.

On Monday Canadian markets were closed for Civic Day. On Friday the S&P/TSX composite index .GSPTSE closed up 110.43 points, or 1.03 percent, at 10,787.15.

Here is some news that could affect the market:

SUNCOR ENERGY INC (SU.TO)

Suncor Energy Inc, which completed its C$22.5 billion ($20.8 billion) acquisition of Petro-Canada on Saturday said on Monday the deal was expected to reduce annual capital expenditures by C$1 billion. [ID:nBNG462020]

Shares of Suncor Energy Inc jumped nearly 8 percent on Monday in its first day of trading in New York as the new entity after the acquisition of Petro-Canada. [ID:nN03369753]

MAGNA MGa.TO

General Motors [GM.UL] is taking more time to negotiate with Magna and RHJ International RHJI.BR over the planned sale of its European arm Opel, the U.S.-based automaker said on Tuesday. [ID:nL4676853]

BOMBARDIER (BBDb.TO)

Bombardier Aerospace, the plane-making unit of Canada’s Bombardier Inc, said it received a firm order for five Q400 NextGen turboprop airliners valued at about $159 million. [ID:nBNG496549]

KINROSS (K.TO)

Workers ended a strike on Saturday at the La Coipa gold mine in Chile after its Canadian owner Kinross agreed to raise salaries, a union official said. [ID:nN01467743]

OIL

Oil fell more than $1 to below $71 per barrel, paring three days of gains, as expectations of a rise in U.S. crude inventories offset optimism from positive U.S. and Chinese manufacturing data.[ID:nSYD332175]

GOLD, BASE METALS

Gold held below $955 an ounce in Europe, off the previous day’s seven-week high, as traders awaited direction from currency markets, with easing oil and equity prices and weak physical demand restraining a rise. [ID:nL4489903] Base metals were also lower. [ID:nL4429582]

CANWEST GLOBAL COMMUNICATIONS CORP CGS.TO

Canadian media company Canwest Global Communications Corp said its unit, Canwest Limited Partnership, will not make the Aug. 1 interest payment of about $18.5 million on its 9.25 percent senior subordinated notes. [ID:nBNG60119]

MAPLE LEAF FOODS (MFI.TO)

Maple Leaf Foods recalled nine wiener products produced under the Hygrade, Shopsy’s and Maple Leaf brands at its plant in Hamilton, Ontario, saying there was possibility that they may contain traces of listeria bacteria.[ID:nBNG484371]

U.S. CONSTRUCTION

U.S. construction spending beat expectations and rose 0.3 percent in June, with the spending rate for public buildings reaching a record high, the Commerce Department said on Monday. [ID:nN03512640]

CANADA RESEARCH

* Blackmont raises Bank of Nova Scotia (BNS.TO) price target to C$46 from C$36; rating sector perform. [ID:nBNG482719]

* RBC raises TVA Group Inc (TVAb.TO) price target to C$13.50 from C$12.50; rating sector perform. [ID:nWNBB8474]

* Macquarie raises GMP Capital GMP.TO to neutral. [ID:nWNBB8462]

* RBC raises Home Capital Group price target to C$39 from C$35; rating sector perform. [ID:nWNBB8473]

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

$1=$1.07 Canadian Reporting by Nina Lex;

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