CANADA STOCKS-TSX could rise on rosy economic outlook

Thu Aug 13, 2009 8:33am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 TORONTO, Aug 13 (Reuters) - Toronto's main stock market
index could open higher on Thursday buoyed by firm oil and gold
prices and positive economic news from the United States,
France and Germany.
 Gross domestic product in France and Germany, the euro
zone's two biggest economies, rose by 0.3 percent each in the
second quarter against expectations for a decline of 0.3
percent. [ID:nLD368819]
 The positive news followed assurances from the U.S. Federal
Reserve that the worst of the financial crisis was over.
 The Fed said on Wednesday it will extend to the end of
October a program to buy longer-term government securities, and
it kept interest rates steady near zero as expected.
[ID:nN12136106].
 The resource-heavy market could also rise on firming oil
prices which rose 1.9 percent to $71.51 a barrel on the
positive economic news. [ID:nSP355185]
 Gold prices rose above $960 an ounce for the first time in
about a week on a weak U.S. dollar and rising oil prices.
[ID:nLD415545]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE rose 0.3 percent to 10.659.87 on Wednesday, following
two days of losses after the Fed said it saw some signs of a
more stable economy after 20 months of recession.
[ID:nN12165839]
 Here is some of the news that may affect the market.
 WALMART STORES
 Wal-Mart Stores Inc (WMT.N: Quote) reported roughly flat quarterly
profit as the strong U.S. dollar lowered the value of its
international sales and it faced tough comparisons with last
year when shoppers spent U.S. government issued stimulus checks
in its stores. [ID:nN13399911]
 MAGNA INTERNATIONAL
 Magna MGa.TO and its Russian partner, Sberbank
(SBER.RTS: Quote), have reached an agreement to acquire a 55 percent
stake in Opel with the management of General Motors [GM.UL],
Magna Co-Chief Executive Siegfried Wolf told Reuters on
Thursday. [ID:WEA6238]
 KINROSS GOLD
 Kinross Gold (K.TO: Quote) said on Wednesday its second-quarter
profit fell 26 percent due to a foreign exchange loss, but its
revenue and cash flow doubled as its three new gold mines
boosted production. [ID:nN12319795]
 ONEX CORP
 Canadian private-equity firm Onex Corp OCX.TO swung to a
quarterly profit on Wednesday and said it is well positioned to
move on deals for distressed and restructured assets created by
the weak economy. [ID:nN12162676]
 GILDAN ACTIVEWEAR
 T-shirt maker Gildan Activewear Inc (GIL.TO: Quote) reported a 24
percent decline in quarterly profit on Thursday, hurt by a drop
in demand and lower gross margins. [ID:nN13219253]
 MEGA BRANDS
 Mega Brands Inc MB.TO posted a wider second-quarter loss
on Thursday hurt by lower sales across both its divisions, but
sees a new line of toys called "Battle Strikers" boosting
results later in the year. [ID:nN13236122]
 PETROBANK ENERGY
 Canada's Petrobank Energy and Resources Ltd PBG.TO posted
lower second-quarter results as the oil and gas company was
hurt by a drop in world oil prices but said production rose 72
percent. [ID:nBNG474886]
 RESEARCH ROUNDUP
 *RBC RAISES CAE INC (CAE.TO: Quote) PRICE TARGET TO C$11 FROM C$9
 *MACQUARIE RAISES CAMECO (CCO.TO: Quote) PRICE TARGET TO C$36.75
FROM C$36.50; RATING OUTPERFORM
 *DUNDEE CUTS CARDIOME PHARMA CORP (COM.TO: Quote) TARGET PRICE TO
C$8 FROM C$10; RATING BUY
 Other research actions: For additional research, please
double click [RCH/CA]
 ($1=$1.08 Canadian)
 (Reporting by Scott Anderson; Editing by Kenneth Barry)