August 11, 2009 / 12:42 PM / 8 years ago

CANADA STOCKS-TSX may edge higher at open on commodities

 TORONTO, Aug 11 (Reuters) - Toronto’s main stock index could edge higher at the open on Tuesday as commodity prices are poised to lift the resource-heavy index after investors pocketed profits in the previous session.
 But a cautious mood remains ahead of the U.S. Federal Reserve’s two-day policy meeting.
 The S&P/TSX composite index .GSPTSE finished Monday’s session 91.66 points, or 0.84 percent, lower at 10,793.67, largely on profit-taking after the index logged its fourth straight week of gains last week.
 Here is some of the news that may affect the market.
 COMMODITIES
 Gold firmed in Europe as the U.S. dollar’s weakness boosted interest in the precious metal, while firmer oil prices also highlighted bullion’s appeal as a potential hedge against inflation. [ID:nLB700009]
 Oil prices crept above $71 a barrel, spurred by record fuel imports to the world’s second biggest energy user, China, but the market was cautious ahead of the next sets of supply and demand data. [ID:nSP473359]
 CAMECO
 Cameco Corp CCO.TO denied there were any undisclosed material developments regarding a sale of its 49-percent stake in Centerra Gold Inc (CG.TO), and said speculation that it had hired investment bankers to draft a deal was wrong. Shares of Centerra fell 9 percent on Monday before Cameco released its after-market denial. [ID:nN10322734]
 U.S. FEDERAL RESERVE
 The Federal Reserve, which begins its two-day meeting on Tuesday, is expected to give a nod to signs the U.S. recession is waning but will likely warn that the recovery will be slow and dampen any expectations it will soon start to raise interest rates. The Fed’s policy-setting committee is expected to hold its benchmark overnight rate in a range of zero to 0.25 percent. [ID:nN10470294]
 AETERNA ZENTARIS
 Biopharmaceutical company Aeterna Zentaris Inc AEZ.TO reported a smaller second-quarter loss, in part because of lower expenses. [ID:nN11508714]
 See also:
 * Cardiome Pharma Corp (COM.TO) second-quarter results [ID:nWNBB3527]
 * Paladin Labs Inc PLB.TO second-quarter results [ID:nWNBB3518]
 CASCADES
 Packaging and paper-products company Cascades Inc (CAS.TO) posted a second-quarter profit that beat market estimates, helped by a favorable variable move in costs across all its sectors and said it expects the demand recovery to continue in the third quarter. [ID:nBNG463553]
 RESEARCH ROUNDUP
 Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. For additional research, please double click [RCH/CA]
 * Morgan Stanley raises price target on Sino-Forest Corp TRE.TO
 * Dundee raises Canfor Pulp Income Fund CFX_u.TO to neutral from sell
 * Versant cuts price target on Cardiome Pharma ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report..........[.TO] Canadian dollar and bonds report....[CAD/][CA/] Top News: Canada ......[TOP/CAN] Today in Canada.......[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide.......<CA/EQUITY> S&P/TSX Composite index ...............GSPTSE S&P/TSE Venture composite index .......SPCDNX TSX most active..........AV.TO Venture Exchange most active.............AV.V Top TSX pct gainers......PG.TO Top TSX pct losers.......PL.TO S&P/TSX 60 index ........TSE60 52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V 52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V Canadian dollar quote......CAD=CAD=D3=CAD FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:   FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]   Nikkei 225..............N225  Tokyo report............[.T]   FTSE 100................FTSE  London report...........[.L]   Xetra DAX..............GDAXI  Frankfurt market stories[.F]   CAC-40...FCHI  Paris market stories...[.PA]   World Indices.......<0#.INDEX>   Foreign exchange........[FRX/]   Oil.......[O/R]   US Treasuries............[US/]   International bonds.....[EUB/]   Gold.........[GOL/X] or [GOL/]   CRB index of commodity futures.........[CRB/] 

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