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 (K.TO: Quote)

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]

MANULIFE MFC.TO

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...