CANADA STOCKS-TSX may open weaker on soft commodities

Wed Sep 9, 2009 8:01am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 TORONTO, Sept 9 (Reuters) - Toronto's main stock market
index could open flat to lower on Wednesday as commodity prices
pulled back and investors paused after the index touched its
highest level in nearly a year in the previous session.
 World stocks .MIWD00000PUS, oil and U.S. stock index
futures slipped, reflecting investor reluctance to further pile
on riskier assets. [MKTS/GLOB]  [.N]
 On Tuesday, the S&P/TSX composite index .GSPTSE ended the
session up 87.83 points, or 0.8 percent, at 11,105.30, as a
surge in commodity prices helped lift the resource-heavy index
to its fourth straight higher close.
 Here is some news that might affect the market:
 Bombardier Inc, the world's No.3 commercial aircraft maker,
expects airline traffic to record modest growth for the rest of
the year, with cargo leading the way in the recovery, a senior
executive said on Wednesday. [ID:nHKG199479]
 Barrick Gold will issue $3 billion in stock to eliminate
all of its fixed-price gold hedges and a portion of its
floating hedges, taking a $5.6 billion hit to third-quarter
earnings, the world's top gold miner said on Tuesday.
 Viterra, Canada's largest grain handler, targeted Asian
grain markets for expansion on Wednesday after investors
approved its A$1.6 billion ($1.4 billion) takeover of
Australia's ABB Grain Ltd ABB.AX. [ID:nSYD464060]
 Oil prices hovered above $71 a barrel on Wednesday, after
rising more than $3 the previous day, as OPEC ministers were
expected at their meeting in Vienna to maintain official output
unchanged. [O/R]
 Gold held near $1,000 per ounce on Wednesday, supported by
a weak dollar and concern about the sustainability of this
year's stunning rally in shares and some key commodities with
prices seen ahead of fundamentals. [GOL/]
 Copper slipped on Wednesday to track equities lower as
traders fretted over whether the global downturn was actually
over, but investor cash helped cap losses. [MET/L]
 Gold producer Agnico-Eagle Mines Ltd AEM.TO said it has
discovered a new gold and silver zone in Cubiro at its Pinos
Altos property in Mexico. [ID:nL9644467]
 An early Canadian election is all but inevitable, the head
of the opposition Bloc Quebecois said on Tuesday, despite the
fact that the ruling Conservative Party has taken a lead in
opinion polls. [ID:nN08161376]
 Blackmont cuts Barrick Gold ABX.TO price target to
C$48.50 from C$49; rating outperform. It raises Iamgold Corp
IMG.TO raises price target to C$13.25 from C$12.50; rating
sector perform. [ID:nBNG491113]
 Macquarie cuts Capital Power Corp CPX.TO  price target to
C$19 from C$20; cuts TransAlta Corp TA.TO price target to
C$26 from C$27.
 ($1=$1.08 Canadian)
 (Reporting by Jennifer Kwan; Editing by Theodore d'Afflisio)