June 8, 2010 / 12:58 PM / 7 years ago

CANADA STOCKS-TSX may open firmer as gold gains

June 8 (Reuters) - Toronto’s resource-heavy index could open higher on Tuesday as gold hit a record high and equity futures pointed to a stronger start.

Wall Street also looked set to open slightly higher after Fed Chairman Ben Bernanke said the U.S. economy appeared to have enough momentum to avoid a double-dip recession, citing strengthening consumer and business spending. [.N]

European shares were down after Germany said it plans to impose a tax on nuclear fuel. Most Asian markets closed higher as traders paused a sell-off of riskier assets.

Here is some news that could affect stock prices:

OIL

Oil hovered around $71 a barrel on Tuesday as concerns about the euro zone crisis subdued optimism over U.S. demand, ahead of data expected to show a fall in crude stocks in the world’s largest fuel user. [O/R]

COPPER STEADY

Copper steadied on Tuesday not far off recent eight-month lows, as gains in the wider financial markets lent support but sentiment remained fragile given concerns that the pace of global recovery might slow. [MET/L]

GOLD HITS DOLLAR HIGH

Gold hit a record dollar high above $1,250 an ounce and new peaks in other currencies on Tuesday as concern over Europe’s economic outlook lifted risk aversion, reversing early gains for the euro and stock markets. [GOL/]

CASEY‘S SEEKS REJECTION OF COUCHE-TARD BID

U.S. convenience store Casey’s General Stores Inc (CASY.O) on Tuesday asked its shareholders to reject the $1.9 billion hostile bid from its Canadian rival, Alimentation Couche-Tard Inc (ATDb.TO). [ID:nSGE65706C]

TRANSALTA SUFFERS ALBERTA POWER PLANT OUTAGE

TransAlta Corp (TA.TO) said on Monday that a unit at its largest electricity generating station, the Sundance plant in Alberta, suffered a mechanical failure that will force it to run at reduced capacity for as long as two years. [ID:nN07217456]

TSO3 SAYS US REGULATORS SEEK MORE DATA ON STERILIZER

TSO3 Inc (TOS.TO) said Tuesday the U.S. health regulators asked it to resubmit application for approval of its Sterizone 125L+ Sterilizer, a move that may delay the clearance for the device. [ID:nSGE6570E3]

NEO-MOLYCORP PACT

Neo Material Technologies Inc NEM.TO, a maker of magnetic powders and materials, said it signed a letter of intent with a unit of Molycorp Inc to manufacture, supply and distribute rare earth products. [ID:nSGE6570FH]

AECON GROUP

Aecon Group Inc (ARE.TO) on Monday entered into a $1.7 billion joint-venture agreement with Peter Kiewit Sons Co for the construction of the Lower Mattagami Hydroelectric Complex, about 70 km northeast of Kapuskasing.

QUATERRA SEEKS PARTNER TO DEVELOP ALASKAN PROJECT

Quaterra Resources QTA.V is scouting for a joint-venture partner to help develop its Herbert Glacier gold project in Alaska, the chief executive of the Canadian exploration company said on Monday. [ID:nN0496305]

CANADA TO PRESENT OPTIONS ON TELECOM OWNERSHIP

Canada will soon release a consultation paper outlining ways to increase foreign investment in the telecom sector, Industry Minister Tony Clement said on Monday, a move that may loosen the grip of the industry’s big, established operators. [ID:nN07189359]

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Calfrac Well Services (CFW.TO) price target raised to $29 from $26.50; outperform rating at National Bank.

* Northland Power Income Fund NPI_u.TO price target raised to $14.50 from $13.50; outperform rating at Macquarie.

* Premier Gold Mines (PG.TO) price target raised to $6.75 from $5.75; outperform rating at RBC.

$1=$1.05 Canadian Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below