June 15, 2010 / 12:46 PM / 7 years ago

CANADA STOCKS-TSX may open slightly higher, commodities steady

June 15 (Reuters) - Toronto’s main stock index could open slightly higher on Tuesday, helped by steady commodities and strong demand at euro zone debt auctions.

Wall Street is also poised for a higher start, as the euro zone auction news eased short-term concerns about the region’s fiscal problems. [.N]

European shares were higher, buoyed by banks. Asia’s stock market rally paused as investors booked profits after shares hit a month high on Monday.

Here is some news that could affect stock prices:

OIL RISES

Oil rose above $76 on Tuesday, drawing support from forecasts of reduced crude stockpiles in the United States, but wary following a Greek sovereign debt downgrade that underlined the extent of the euro-zone crisis. [O/R]

COPPER STEADY

Copper steadied on Tuesday, but was under pressure from a firm dollar against the euro and as the market factored in the seasonal lull in base metals demand. [MET/L]

GOLD STAYS FIRM

Gold firmed in Europe on Monday as a ratings downgrade of Greece reawakened fears of a worsening fiscal crisis, raising interest in the metal as a haven and knocking appetite for nominally higher-risk assets like stocks. [GOL/]

NORTH AMERICAN POTASH INVENTORIES RISE IN MAY

North American potash inventories at the producer level rose last month, according to the latest data from Potash Corp (POT.TO), the world’s largest producer of the crop nutrient. [ID:nN15248466]

MDS POSTS WIDER LOSS

Canadian health sciences company MDS Inc MDS.TO on Tuesday reported a wider second-quarter loss from continuing operations, hurt by a restructuring charge and foreign exchange revaluation losses. [ID:nSGE65E049]

EUROPEAN GOLDFIELDS GETS LOAN APPROVAL

European Goldfields Ltd EGU.TO said on Tuesday it received final credit approval for a $135 million loan to help fund the development of the Certej gold-silver project in Romania. [ID:nLDE65E0DR]

CIBC TO BUY CITIGROUP‘S CANADA MASTERCARD BUSINESS

Canadian Imperial Bank of Commerce (CM.TO), Canada’s No. 5 bank, said on Monday it agreed to buy Citigroup’s C$2.1 billion Canadian MasterCard business, becoming a dual credit card issuer. [ID:nN14238942]

NEXEN SEES DELAY IN APPRAISING GULF OF MEXICO FIND

Nexen Inc NXY.TO, the largest Canadian energy company operating in the Gulf of Mexico, expects the drilling moratorium in the region will delay appraisal of its Appomattox deepwater discovery, its top executive said on Monday. [ID:nN14220072]

ENCANA SCOUTING PARTNERS

Encana Corp (ECA.TO), Canada’s largest natural gas producer, is prowling for partners that could help speed development of its unconventional gas fields, with its chief executive saying on Monday the company could see as much as $2 billion in new investment. [ID:nN14223841]

YELLOW PAGES TO RAISE C$200 MLN

Media and marketing company Yellow Pages Income Fund YLO_u.TO on Monday said its unit, Yellow Media Inc, will raise C$200 million from the sale of convertible debentures, and use the proceeds to repay debt and for general corporate purposes. [ID:nSGE65D0JQ]

FIRST CAPITAL REALTY TO RAISE C$50 MLN

First Capital Realty Inc (FCR.TO), a developer of shopping centers, on Monday said it would raise about C$50 million in a bought deal and use the proceeds to fund its acquisition and development activities. [ID:nSGE65D0JY]

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Canfor Corp (CFP.TO) cut to market perform from outperform at Raymond James

* Consolidated Thompson Iron Mines CLM.TO started with target of $10.25, rating outperform at Raymond James

* Great Plains Exploration GPX.TO started with target of $0.40; rating hold at Salman Partners

* Norbord Inc NBD.TO cut to $20 from $24; rating outperform at Raymond James

* Victoria Gold VIT.V cut to $0.90 from $1; rating market perform at Raymond James

* West Fraser Timber (WFT.TO) cut to market perform from outperform at Raymond James

* GLV Inc GLVa.T0 cut to $11.50 from $13; rating outperform at Macquarie ($1=$1.03 Canadian) (Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson)

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