August 10, 2010 / 1:07 PM / 7 years ago

CANADA STOCKS-TSX may open lower as commodities weaken

6 Min Read

Aug 10 (Reuters) - Toronto's resource-heavy main stock index could open lower on Tuesday as commodity prices were pressured by weaker-than-expected import data from China, the biggest resource consumer.

Canadian equity futures pointed to a lower open. <0#SXF:> The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was down 0.97 percent in early trade.

Wall Street is also set for a lower start ahead of the Federal Reserve's meeting on monetary policy. [.N]

Speculation has been growing that the Fed will send a clear signal it is prepared to print more money to support a faltering U.S. economic recovery, if necessary. For details, see [ID:nN09301078]

Asian and European shares dropped with miners among the top losers.

Here is some news that could affect stock prices:

Oil Falls

Oil dropped a dollar to below $81 a barrel on Tuesday, sapped by hints of weaker demand for fuel in the world's top energy users and a strengthening U.S. dollar. [O/R]

Copper Falls

Copper fell 2 percent on Tuesday as investors worried that prices had overrun fundamentals, while the dollar firmed ahead of a U.S. Federal Reserve meeting later. [MET/L]

Gold Slips

Gold prices retreated below $1,200 an ounce in Europe on Tuesday as the dollar strengthened, but direction was weak as traders awaited the outcome of a U.S. Federal Reserve monetary policy meeting later in the day. [GOL/]

Canadian stocks to watch include:

Research in Motion rimm.o

The BlackBerry maker on Tuesday won a reprieve from a threatened ban on its Messenger texting service as Saudi Arabia said progress was being made on addressing its concerns. [ID:nLDE6790DY]


The specialty fertilizer maker said on Tuesday fiscal first-quarter profit fell as some of its units that previously operated under tax-free or tax-reduced programs in China are now facing an increased tax burden. [ID:nN10126453]

Northgate Minerals

The junior gold miner said on Tuesday its second-quarter profit fell, as its gold production declined and average mining costs rose significantly in the period. [ID:nN10127594]


Enbridge could begin replacing a section of damaged Michigan pipeline as early as Monday evening, but it still has no estimate on when it could restart the line, which ruptured last month and spilled more than 800,000 gallons of oil. [ID:nN09273563]

Petrobakken Energy Ltd

PetroBakken Energy on Tuesday reported a wider quarterly loss and said its drilling activities in Alberta were hurt by wet weather, which has delayed production additions from the Cardium play by a month. [ID:nSGE6790EI]

Sino-Forest Corp

Sino-Forest on Tuesday posted quarterly results above market estimates, helped by higher average selling prices of standing timber, as well as an increase in its wood log trading business. [ID:nSGE66S0H3]


The Canada-based energy company reported a wider quarterly loss, hurt by a nearly three-fold increase in total costs and expenses. [ID:nSGE6790FO]


The Canadian packaged ice maker on Tuesday reported quarterly loss, hurt mainly by higher expenses towards establishing its operations in Arizona and Colorado. [ID:nSGE6790GL]

Rocky Mountain Dealerships Inc

The agriculture and construction equipment broker on Tuesday reported a 19 percent drop in quarterly profit as wet weather impacted new and used equipment sales. [ID:nSGE6790GK]


The gold producer on Monday reported a quarterly loss, hurt by lower production and higher operating costs at its Turmalina mine in Brazil. [ID:nSGE6780CY]

Wi-Lan Inc

The technology licensing firm on Tuesday reported a wider quarterly net loss, hurt mainly by higher expenses. [ID:nSGE6790EV]

Hemisphere Gps Inc

The Canadian maker of GPS products for agriculture, marine and other markets, on Tuesday posted a wider quarterly loss, mainly due to negative foreign exchange volatility and tepid grain prices. [ID:nSGE66M0J4]

Atlantic Power Corp

Atlantic Power Corp on Monday posted a lower-than-expected quarterly profit, hurt partly by higher fuel expenses. [ID:nSGE6780IX]


The income fund on Monday posted a 24 percent fall in quarterly funds from operations, hurt by higher administrative expenses. [ID:nSGE6780JT]

Research Roundup

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

* Bird Construction Income Fund BDT_u.TO price target raised to C$44 from C$40; rating strong buy at Raymond James

* Ensign Energy (ESI.TO) price target cut to C$15.50 from C$16.25; rating outperform at Raymond James

* Extendicare Real Estate EXE_u.TO price target raised to C$10.50 from C$9.75 at RBC

* Killam Properties KMP.TO price target raised to C$9.75 from C$9.25; rating outperform at Raymond James

* Northern Property REIT NPR_u.TO price target raised to C$26.50 from C$26; rating outperform at Raymond James

* Petrolifera Petroleum PDP.TO rating raised to market perform from underperform at Raymond James

$1=$1.03 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below