TORONTO, June 11 (Reuters) - Toronto’s main stock market index could open higher for a second straight session on Thursday as rising energy prop up the resource-heavy index.
The index could also see the benefits of a falling U.S. dollar as the greenback edged down, driven by rising U.S. bond yields amid concerns about burgeoning U.S. debt, and on speculation big emerging countries may move out of U.S. dollar assets. [nLB775172]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 50 points to 10,597.98 on Wednesday as firmer oil prices boosted energy shares, but the rise was limited by caution about the prospects for the North American economy. [nN10464057].
Here is some news that could affect the market:
Oil firmed to $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand, adding to signs the fall in consumption may have bottomed out. [nSIN191080]
Gold edged lower in Europe on Thursday, creeping below $950 an ounce, with the dollar paring losses against the euro as the currency awaited fresh direction from another U.S. government debt auction later in the session.
MDS Inc MDS.TO MDZ.N posted a second-quarter loss on Thursday and said it plans to cut 180 jobs as the Canadian health sciences company copes with lower spending in the health services sector.[nN11267505]
CI Financial Corp (CIX.TO) said it plans to merge 16 of its mutual funds into other funds to simplify operations, and to lower management fees in two funds. [nBNG96969]
Lululemon Athletica LLL.TO, which makes trendy yoga and workout wear, reported lower quarterly earnings on Thursday and said it expects profit to be flat in the current quarter because of the troubled economy. [nN11275468]
Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. For more, see [RCH/CA]
*Dundee cuts Yamana Gold Inc (YRI.TO) target price to C$13.50 from C$14.00; Rating Buy
*UBS raises targets on Canadian banks
*RBC raises Forzani Group Ltd FGL.TO price target to C$18 from C$15; Rating Outperform
$1=$1.11 Canadian Reporting by Scott Anderson, Editing by Chizu Nomiyama