TORONTO, Oct 13 (Reuters) - Toronto’s main stock market could start the session higher on Tuesday as record gold prices and stronger oil futures boost the resource-heavy market.
But a stronger Canadian dollar could temper the gains as the rise against the falling U.S. currency could weigh on exporters.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE begins the week at 11,436.92 after gaining 4.4 percent last week. The market was closed on Monday for Canada’s Thanksgiving celebrations.[nN0988408]
Here is some of the news that could affect the market:
Gold hit a record high in Europe on Tuesday as the U.S. dollar fell to day lows against the euro, fueling interest in bullion as an alternative asset.[ID:nLD592188]
Oil rose for the fourth straight session on Tuesday, edging above $73 a barrel on the back of rising optimism about the pace of global economic recovery and weakness in the dollar. [nSIN39761]
The Canadian and Australian dollars rose to 14-month highs against the U.S. currency on Tuesday.[ID:nLD329718]
An Australian unit of Canada’s Brookfield Asset Management Inc (BAMa.TO) plans to raise A$65 million ($59 million) in a bond offer aimed at retail investors in Australia and New Zealand.[nSYD488865]
Mining group Xstrata Plc XTA.L agreed to sell its 70 percent interest in the El Morro copper-gold project in Chile for $465 million to Canada’s Barrick Gold Corp (ABX.TO), Xstrata said on Monday.[nLC264304]
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* RBC raises MacDonald, Dettwiler and Associates Ltd (MDA.TO) to “top pick” from “outperform.”
* Raymond James raises Finning International (FTT.TO) to “outperform” from “market perform.” ($1=$1.03 Canadian) (Reporting by Scott Anderson; Editing by Padraic Cassidy)