September 16, 2009 / 12:06 PM / 8 years ago

CANADA STOCKS-TSX set to open higher on gold surge

TORONTO, Sept 16 (Reuters) - Toronto’s main stock market index could open higher on Wednesday as gold surged to 18-month highs.

But gains could be capped by oil prices that have slipped slightly below $71 a barrel.

Investors are looking for the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE to extend its gains as hopes grow that the worst of the economic downturn is behind.

The TSX surged on Tuesday to its highest closing level of 2009, as a commodity price rally and firm U.S. data spurred gains in heavily weighted materials, energy and financial shares.[nN1575660]

Here is some news that could affect the market:

GOLD HITS HIGH

Gold hit 18-month highs on Wednesday as the dollar’s slide to 2009 lows against the euro sparked buying of the metal as an alternative asset, helping lift silver and platinum to multi-month peaks. [nLG17282]

OIL EASES

Oil eased below $71 a barrel on Wednesday after a higher-than-forecast rise in U.S. fuel stocks offset positive expectations for the world economy that spurred other markets higher. [nSP530535]

WARREN BUFFET

The U.S. economy has not begun to climb out of the worst recession since the Great Depression, but the “terror” that followed last year’s near-collapse of the financial system is gone, due in part to government intervention, Warren Buffett told Reuters on Tuesday. [nN1691048]

ANTAMINA

Antamina, a leading copper-zinc mine in Peru, hopes to get approval for its expansion from shareholders at the end of this year and start construction on it in the first half of 2010, the joint venture company that includes Teck Cominco Ltd TCKb.TO said on Tuesday. [nN1580748]

ROYAL DUTCH SHELL

Royal Dutch Shell Plc (RDSa.L) has suspended production at its Canadian oil sands mine after environmental activists blockaded a massive dump truck and mining shovel to protest the impact of oil sands development, the company said on Tuesday. [nN1552345]

CENTERRA GOLD

Centerra Gold (CG.TO) may soon seek acquisitions now that it has resolved an ownership dispute with the government of Kyrgyzstan surrounding its flagship mine, the company’s chief executive said on Tuesday. [nN1562381]

CAMECO CORP

Cameco Corp’s (CCO.TO) chief executive on Tuesday said he does not expect any decrease in reserves at the company’s Cigar Lake project, the massive Saskatchewan uranium mine that flooded in 2006. [nN1569008]

CANADA RESEARCH

Following is a summary of research actions on Canadian companies reported by Reuters on Monday. For more, please double click on [RCH/CA]

* Nomura starts Barrick Gold Corp (ABX.N) with reduce rating, price target of $31.50.

* Raymond James initiated coverage of Canadian oil and gas producer Advantage Oil and Gas Ltd (AAV.TO) with an “outperform” rating and a C$8 price target on the stock. ($1=$1.07 Canadian) (Reporting by Scott Anderson; Editing by Theodore d‘Afflisio)

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