CANADA STOCKS-TSX seen opening lower on resources, economy

Mon Aug 17, 2009 8:06am EDT
 
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 TORONTO, Aug 17 (Reuters) - Toronto's main stock market
index could open lower on Monday on weak resources and more
worries over the pace of the global economic recovery.
 North American markets are expected to follow their Asian
counterparts lower after Japan's economy grew 0.9 percent in
the second quarter, but analysts say recovery in the world's
No.2 economy could lose steam when a temporary boost from
government stimulus dwindles. [nLH338906]
 The resource-heavy Toronto Stock Exchange S&P/TSX composite
index .GSPTSE will also take its cue from falling gold and
energy prices which both fell to two-week lows on concerns over
the pace of the economic recovery.
  The TSX ended gained 0.2 percent to 10,848.01 on Friday as
an end-of-session rally in financial shares outweighed weakness
in commodity stocks, which were under pressure after a U.S.
consumer confidence report raised doubts about economic
recovery. [nN14314048]
 Here is some of the news that may affect the market.
 OIL DIPS
 U.S. crude oil fell to a two-week low below $66 a barrel on
Monday as investors became more cautious about the pace of
global economic recovery and any revival in energy demand.
[nLH442582]
 GOLD LOSES SHINE
 Gold slipped to its lowest level since late July in Europe
on Monday as the dollar firmed against a basket of currencies
and as a 2 percent decline in crude prices dented the precious
metal's appeal as an inflation hedge. [nLH406358]
 ALLEN VANGUARD CORP
 Allen Vanguard VRS.TO posted a bigger third-quarter loss
dented by impairment charges and said it is in talks with
lenders to amend certain covenants in conjunction with an
investment from an American investor. [nBNG24579]
 BIOVAIL CORP
 Biovail Corp BVF.TO, Canada's biggest publicly traded
drugmaker, said on Monday that revenue for one of its key drugs
could be dented after a U.S. judge ruled in favor of a rival
firm in a patent-infringement case paving the way for a generic
form of Ultram to be released. [NBW175339A]
 AETERNA ZENTARIS
 Small Canadian drugmaker AEterna Zentaris AEZ.TO said on
Monday that results from two phase 3 studies with its benign
prostatic hyperplasia treatment Cetrorelix failed to meet one
of its key objectives. [nPnMO847a]
 CANADIAN HOG PRODUCTION
 Canada will pay some farmers to stop raising hogs and offer
loans to help others restructure, assistance that drew praise
from Canadian hog farmers and concerns from a top U.S. farmer
group. [nN16331941]
 RESEARCH ROUNDUP:
 * VERSANT RAISES GROUPE AEROPLAN AER.TO PRICE TARGET TO
C$8 FROM C$6; RATING SELL
 * BLACKMONT RAISES BOARDWALK REAL ESTATE INVESTMENT TRUST
BEI_u.TO PRICE TARGET TO C$34 FROM C$30.50; RATING SECTOR
PERFORM
 * GENUITY RAISES AGF MANAGEMENT AGFb.TO TO BUY FROM HOLD
 Other research actions: For additional research, please
double click [RCH/CA]
  ($1=$1.11 Canadian)
 (Reporting by Scott Anderson; Editing by Theodore d'Afflisio)