February 9, 2010 / 1:11 PM / 8 years ago

CANADA STOCKS-TSX may open higher on Greek bailout hopes

TORONTO, Feb 9 (Reuters) - Toronto’s main stock market index may open higher on Tuesday on firm resource prices and speculation that a bailout would soon be organized for Greece.

Global markets were boosted by speculation that a special European Union summit scheduled for later in the week would introduce initiatives to help restore Greece’s debt problems. For details, see [ID:nSGE61801C] [MKTS/GLOB]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE sank 1 percent on Monday.

Here is some of the news that may affect the market.

AGRIUM

Canada’s Agrium Inc (AGU.TO) reported a weaker fourth-quarter profit, primarily due to lower fertilizer selling prices, but the company expects increasing volume shipments to boost 2010 results. [ID:nN09157157]

TECK RESOURCES

Teck Resources Ltd TCKb.TO, the country’s largest base metals miner, posted a profit in the fourth quarter of 2009, rebounding from a year-before loss due mainly to stronger base metal prices. [ID:nN08210504]

COMMODITY PRICES

Gold prices rose towards $1,070 per ounce in Europe and the U.S. dollar weakened versus the euro amid speculation a rescue plan for struggling Greece may be arranged soon. [GOL/]

Oil rose near $73 a barrel due to a weaker U.S. dollar and robust buying interest following last week’s price slide to near two-month lows. [O/R]

COMPANY NEWS IN BRIEF

* Nexen Inc NXY.TO provides Long Lake Project update [ID:nWNAB4747]

* OPTI Canada Inc OPC.TO announces year-end 2009 results [ID:nWNAB4746]

* RioCan REIT (REI_u.TO) reports Q4 FFO [ID:nWNAB4651]

* ATS Automation Tooling Systems Inc (ATA.TO) Q3 profit falls [ID:nSGE6180FR]

* Husky Energy Inc (HSE.TO) taps another big gas field off China [ID:nN08211463]

FIRST QUANTUM

Copper production at Zambia’s Kansanshi Mining Ltd, owned by Canada’s First Quantum Minerals Ltd (FM.TO), ground to a halt following a major power outage, the company and state power utility Zesco said. [ID:nLDE6180X8]

RESEARCH ROUNDUP

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

* Raymond James raises target price on Bombardier Inc (BBDb.TO)

* Versant starts Canadian Oil Sands Trust COS_u.TO with “buy” rating and C$34 target price (Reporting by Ka Yan Ng and Scott Anderson; editing by Jeffrey Benkoe)

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