CANADA STOCKS-TSX may open lower as resource stocks drag

Thu Oct 15, 2009 8:40am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 TORONTO, Oct 15 (Reuters) - Toronto's main stock index may
open lower on Thursday as a pullback in commodity prices could
force the resource-heavy index to relinquish some of the recent
gains made when oil and gold prices rallied.
 Another drag on the TSX could come via spillover from the
United States, where stock index futures turned negative after
Goldman Sachs Group (GS.N: Quote) reported its third-quarter results.
 The recent surge in oil and gold prices played a major role
in the TSX's rally as the energy and materials groups account
for more than 40 percent of its weighting.
 But a turnaround in prices for the key Canadian exports
could convince investors to pocket some of the recent gains.
 The S&P/TSX composite index .GSPTSE rose 119.24 points,
or 1.04 percent, to 11,532.78 on Wednesday.
 Here is some new that could affect the market:
 RESEARCH IN MOTION RIM.TO
 BlackBerry maker Research In Motion RIM.TO RIMM.O is
launching a new version of its touchscreen Storm smartphone,
marking its latest move in the fight with Apple's APPL.O
iPhone. [ID:nN14263536]
 GOLD PRICES EASE
 Gold prices edged lower in Europe on Thursday on concerns a
rally which took the precious metal to record highs above
$1,070 an ounce in the last session had been overdone. [GOL/]
 OIL PRICES BACK OFF 1-YEAR HIGH
 Oil fell back below $75 a barrel from year-highs and
reversed its sixth straight positive session on Thursday after
European shares pared gains and the euro fell on disappointing
Q3 earnings reports, traders said. [O/R]
 JAGUAR MINING INC (JAG.TO: Quote)
 Jaguar Mining Inc said its third-quarter gold output
increased 19 percent, helped by improved production at its
Turmalina and Paciencia mines in Brazil. [ID:nBNG427720]
 MAGNA MGa.TO
 U.S. carmaker General Motors [GM.UL] was close to signing a
deal to sell a 55 percent stake in its European arm Opel to
Canada's Magna on Thursday as talks continued with unions over
job cuts. [ID:nLF581226]
 VASOGEN INC VAS.TO
 Vasogen Inc said on Thursday it narrowed its quarterly loss
as the small Canadian biotech company wound down operations.
[ID:nN15288429]
 CRESCENT POINT ENERGY CORP (CPG.TO: Quote)
 Crescent Point Energy Corp said on Wednesday it plans to
sell shares worth C$500.3 million ($486 million) to a group of
underwriters, with the cash earmarked to cut debt or acquire
rivals. [ID:nN14263207]
 RESEARCH ROUNDUP:
 Following is a summary of research actions on Canadian
companies reported by Reuters. For more, please double click
[RCH/CA]
 * Genuity cuts Crescent Point Energy Corp (CPG.TO: Quote) target
price 2.4 percent to C$40.25 with "buy" rating.
 * Canaccord Adams raises Orezone Gold ORE.TO target price
58 percent to 95 Canadian cents with "speculative buy" rating.
 ($1=$1.03 Canadian)
 (Reporting by Frank Pingue; Editing by Jeffrey Hodgson)