March 11, 2009 / 12:32 PM / 8 years ago

CANADA STOCKS-TSX may open higher as world stocks rise

3 Min Read

TORONTO, March 11 (Reuters) - Toronto's key stock index could climb at the open on Wednesday, after shooting up 4 percent in the previous session, tracking global equities higher and supported by firmness in the price of gold.

World equities rose on Wednesday on bank hopes [ID:nLB647450], while U.S. stock index futures pointed to a higher open, building on the gains made in the previous session when they posted the biggest rise in four months. [ID:nLB716682]

However, the resource-laden Toronto market could be pressured by weakness in the price of oil CLc1 ahead of U.S. fuel stocks data, while base metals were mostly soft.

On Tuesday, the S&P/TSX composite index .GSPTSE closed up 313.47 points, or 4.14 percent, at 7,880.41 after Citigroup (C.N) said it was profitable during the first two months of 2009, raising hopes about the battered U.S. financial system.

Here is some news that could affect the market:


Lufthansa (LHAG.DE) said on Wednesday it ordered 30 Bombardier Inc C-series aircraft with deliveries set to start in 2014. [ID:nWEA1666]


Travel company Transat AT Inc reported a bigger quarterly loss and suspended its dividend as margins for North American travel packages shrank. [ID:nWNAB2718]

Aeterna Zentaris Inc

Biopharmaceuticals company Aeterna Zentaris Inc AEZ.TO reported a quarterly loss, hurt by lower sales and royalties and falling manufacturing margins. [ID:nN11257645]

Oil Slips

Oil fell back towards $45 a barrel, extending a near 3 percent drop in the previous session ahead of the release of the U.S. fuel stocks data expected at 1430 GMT .[ID:nSP383602]

Gold, Base Metals

Gold rose above $900 an ounce in Europe as bargain hunters took advantage of the previous session's near 3 percent losses, [ID:nLB647267] while base metals were soft. [ID:nLB183049]


Barrick Gold Corp (ABX.TO), which expects mining costs to rise this year from last, could enter currency hedges to lock in the advantage of a stronger U.S. dollar but has no plans to exit its higher-cost operations in Tanzania, its CEO said during the Reuters Global Mining and Steel Summit in New York. [ID:nN10459399]


Canwest Global Communications Corp, Canada's biggest media company, faced the possibility of another debt crisis on Tuesday as the deadline loomed for it to reach a new credit deal with its lenders. [ID:nN10260975]

Canadian Research

RBC cuts Cameco Corp (CCO.TO) price target to C$25 from C$27, while Raymond James raises Southwestern Resources SWG.TO price target to 50 Canadian cents from 25 Canadian cents. For more research, please see: [CA-RCH] ($1=$1.28 Canadian) (Reporting by Jennifer Kwan; Editing by Chizu Nomiyama)

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