CANADA STOCKS-TSX may open higher as commodities recover

Thu Jul 9, 2009 8:40am EDT
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TORONTO, July 09 (Reuters) - Toronto's main stock market index looked set to open higher on Thursday, as commodity prices recovered after a three day beating.

Better-than-expected quarterly results from U.S. bellwether Alcoa (AA.N: Quote) helped lift European stocks and draw global equities out of the red, while currency markets reversed some of their recent cautious patterns. [ID:nL9396521]

U.S. stock index futures also pointed to a higher open on Thursday after Alcoa results gave a positive tone to the start of the second-quarter earnings season.[ID:nN09441429]

On Wednesday the S&P/TSX composite index .GSPTSE closed down 190.90 points, or 1.94 percent, at 9,653.45.

Here is some news that could affect the market:


Kinross Gold Corp said unionized employees strike at Mantos De Oro-La Coipa Mine in Chile, which affects production of about 300 gold equivalent ounces per day. [ID:nWEN0373]


Canada's top life insurer, Manulife Financial Corp, plans to keep building capital to shield it from volatile markets, and could use those reserves for expansion or acquisitions down the road. [ID:nN08396843]   Continued...