TORONTO, March 10 (Reuters) - Toronto’s main stock market may open higher on Wednesday as strong import data from China, a major consumer of Canada’s commodities, shines the light on resources.
Bargain hunting might also help prop up the Toronto market as investors look for cheap buys following two days of losses for the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE.
Toronto’s main stock index fell for a second straight session on Tuesday as weaker oil and gold prices pulled resource issues lower and most bank stocks dropped amid profit-taking.[ID:nN09256393]
Here is some of the news that may affect the market.
Chinese exports and imports grew faster than expected in February, underlining the momentum behind the world’s third-largest economy and reinforcing the case for a rise in the yuan. [ID:nSGE6290A5]
Copper prices rose on Wednesday, as data showing stronger-than-expected Chinese imports of the metal quelled some concerns that demand might be softening in the world’s top base metals consumer.[ID:nLDE6290QC]
Oil failed to find momentum in either direction for a clear move away from $81.50 on Wednesday as investors waited for data on U.S. stocks or OPEC’s monthly report ahead of next week’s meeting to provide impetus. [ID:nSGE62905M]
Gold rose in Europe on Wednesday as investment interest held firm amid persistent concerns over the fiscal health of the euro zone, with traders cheered by the bounce in price from the last session’s lows.[ID:nLDE62912U]
Media and communications group Quebecor Inc (QBRa.TO) (QBRb.TO) reported a quarterly profit on Wednesday, helped by strong performance of its telecommunications segment that continued to see customer growth.[ID:nSGE6290H5]
Unions have ratified a contract at Canada’s No. 2 lumber producer Canfor Corp (CFP.TO), that the company said offered relief from pressing economic problems.[ID:nN0982329]
Canada’s Descartes Systems Group Inc DSG.TO (DSGX.O), which provides logistics management software and services, posted a lower quarterly profit, mainly hurt by higher expenses.[ID:nSGE6290GJ]
Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. [RCH/CA]
* Desjardins cuts Alimentation Couche Tard (ATDb.TO) price target to C$21.50 from C$25; Rating Buy
* RBC cuts Bank of Nova Scotia (BNS.TO) price target to C$53 from C$54; Rating Sector Perform
* Raymond James starts Shoppers Drug Mart Corp SC.TO with Outperform rating and C$50 price target ($1=$1.03 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama)