August 14, 2009 / 12:22 PM / in 8 years

CANADA STOCKS-TSX could see third day of gains

 TORONTO, Aug 14 (Reuters) - Toronto's main stock market index could extend its gains to a third straight session on Friday as firm gold and energy prices prop up the resource-heavy market.
 Investors will also take time to digest key economic data before the market opens.
  Economists in a Reuters survey expect the U.S. Consumer Price Index to be unchanged compared with a 0.7 percent increase in June. Excluding volatile food and energy items, CPI is expected to rise 0.1 percent versus a 0.2 percent increase in June. [nN12131654]
 Also, the Federal Reserve releases industrial production and capacity utilization data for July. Economists expect a 0.3 percent rise in production and a reading of 68.3 percent for capacity utilization. In June, production fell 0.4 percent and capacity utilization was 68.0 percent.
 The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 1.6 percent to 10,825.56 on Thursday as surprisingly strong European economic data buoyed sentiment and commodity prices, sparking a resource-led rally. [nN13264987].
 Here is some of the news that may affect the market.
 U.S.CRUDE RISES
 Oil headed toward $71 a barrel on on Friday, rising for the fourth day, on growing confidence the global economy was exiting the worst of recession in decades and beginning to boost energy demand. [nSP445199]
 GOLD RISES
 Gold rose in Europe on Friday as the dollar edged lower versus a basket of currencies ahead of a raft of U.S. data due later in the session, while oil and equities extended gains on hopes for an economic recovery. [nLE501497]
 CANADA BANK EYES ALLIED IRISH BANKS
 A Canadian bank has made a preliminary approach about a potential investment in Allied Irish Banks (ALBK.I), two sources familiar with the matter said on Friday. [nWLA1241]
 GROUPE AEROPLAN
 Groupe Aeroplan Inc AER.TO, which operates Air Canada's ACa.TO frequent flier program, posted a lower quarterly profit on Friday and said it expects a decline in consolidated gross billings for the year. [nBNG449853]
 MAGNA INTERNATIONAL
 The federal government in Berlin and the states where Opel has plants are only prepared to offer financing aid if Canada's Magna MGa.TO wins the battle for the carmaker, a senior ally of German Chancellor Angela Merkel said. [nLE608484]
 LINAMAR
 Auto parts maker Linamar Corp (LNR.TO) reported a bigger than expected quarterly loss on Thursday, hit by "excessive production shutdowns," as well as restructuring costs and other charges. [nN13228577]
 RESEARCH ROUNDUP:
 * RBC RAISES GILDAN ACTIVEWEAR (GIL.N) PRICE TARGET TO $21 FROM $18; RATING SECTOR PERFORM
 * UBS RAISES CANADIAN TIRE CORP (CTCa.TO) PRICE TARGET TO C$67 FROM C$56; RATING BUY
 * GENUITY RAISES LINAMAR CORP (LNR.TO) PRICE TARGET TO C$18 FROM C$14; RATING BUY
 Other research actions: For additional research, please double click [RCH/CA]
  ($1=$1.09 Canadian)  (Reporting by Scott Anderson; Editing by Padraic Cassidy)                                      

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