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:
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]
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]
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]
Canadian biotechnology company Theratechnologies Inc reported a surprise quarterly profit, helped by a milestone payment. [ID:nBNG469265]
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/]
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)