October 6, 2009 / 12:30 PM / 8 years ago

CANADA STOCKS-TSX may get boost at open from commodity rally

 TORONTO, Oct 6 (Reuters) - Toronto’s main stock index could open higher on Tuesday as the resource-heavy index may draw support from the rally in prices for gold and oil.
 Investors may also continue to snap up recently beaten-down shares after the TSX shed 4.3 percent in the two weeks leading into Monday’s session.
 The S&P/TSX composite index .GSPTSE rose 144.29 points, or 1.32 percent, to 11,102.62 on Monday.
 Here is some news that could affect the market:
 IVANHOE (IVN.TO)
 Mongolia finally wrapped up a deal on Tuesday to develop one of the world’s biggest untapped copper and gold deposits, signing off on Rio Tinto (RIO.AX) (RIO.L) and Ivanhoe Mines’ $3 billion Oyu Tolgoi mine. [ID:nSP495396]
 BIOVAIL BVF.TO
 Acadia Pharmaceuticals Inc (ACAD.O) and its partner Biovail Corp decided to conduct a third late-stage trial for pimavanserin, their experimental drug for psychosis related to Parkinson’s disease that failed in a late-stage trial last month, the companies said. [ID:nBNG167642]
 BCE (BCE.TO)
 Canadian telecommunications company BCE Inc on Tuesday confirmed that it has reached an agreement with Apple Inc (AAPL.O) to bring the iPhone 3G and iPhone 3GS to Canada this November. [ID:N05392850]
 JEAN COUTU (PJCa.TO)
 Canadian pharmacy chain Jean Coutu reported a quarterly profit on Tuesday as retail sales increased significantly in spite of current economic conditions. [ID:nN06414094]
 THERATECHNOLOGIES TH.TO
 Canadian biotechnology company Theratechnologies Inc reported a surprise quarterly profit, helped by a milestone payment. [ID:nBNG469265]
 OIL PRICES
 Oil prices rose more than $1 to above $71 a barrel on Tuesday, helped by a fall in the dollar after a report, later denied, that Gulf Arab states were in talks to replace the U.S. dollar with a basket of currencies in oil trading. [O/L]
 GOLD HITS 18-MONTH HIGH
 Gold rallied to an 18-month high on Tuesday as a report that Gulf Arab states were considering pricing oil in a currency other than the dollar knocked the U.S. unit, boosting interest in the metal as an alternative asset. [GOL/]
 RESEARCH ROUNDUP:
 Following is a summary of research actions on Canadian companies reported by  Reuters on Thursday. For more, please double click [RCH/CA]
 * Macquarie raises Canadian Hydro Developers KHD.TO price target by 9.4 percent to C$5.25 from C$4.80.
 * Genuity raises Equinox Minerals EQN.TO price target 8.8 percent to C$3.70 from C$3.40.
 * Macquarie cuts Pengrowth Energy Trust PGF_u.TO rating to “neutral” from “outperform.”
 ($1=$1.06 Canadian)  (Reporting by Frank Pingue, Editing by Chizu Nomiyama)                                      

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