June 18, 2009 / 12:34 PM / 8 years ago

CANADA STOCKS-TSX could falter on weak resources

3 Min Read

TORONTO, June 18 (Reuters) - Toronto's main stock index could open lower on Thursday morning, extending losses logged in the previous session, as sagging oil and metals prices put downward pressure on the resource-heavy market.

World stocks fell on Thursday after investors turned nervous in pushing risky assets on doubt about an economic recovery [MKTS/GLOB]. U.S. stock index futures pointed to a flat open. [ID:nN18377649]

On Wednesday, the S&P/TSX composite index .GSPTSE ended down 241.29 points, or 2.34 percent, at 10.066.11.

Here is some news that could affect the market:


IAMGOLD Corp (IMG.TO) announced on Thursday increased production guidance for 2009. The company said full-year gold production for 2009 is expected to be 910,000 to 920,000 ounces. [ID:nWNAB0941]


Teck Resources Ltd TCKb.TO plans to sell a one-third stake in its Waneta Dam in British Columbia to BC Hydro for C$825 million, the companies said on Wednesday. [ID:nN17365292]


The Canadian government appointed two mediators on Wednesday to help Air Canada ACa.TO and the union representing its flight attendants to reach a labor agreement.[ID:nN17362319]

Talisman Energy tlm.to

Canadian producer Talisman Energy TLM.TO has struck oil in an appraisal well near the Varg field it operates off Norway, Norwegian energy officials and a partner in the prospect said on Thursday. [ID:nLI547315]

Forestry Aid

The Canadian government on Wednesday tossed a C$1 billion lifeline to its pulp and paper producers, which complain they are drowning financially because of a tax windfall enjoyed by U.S. rivals. [ID:nN17298021]

Oil Sags

Oil eased below $71 a barrel on Thursday, reversing early gains as the dollar firmed and equity markets slipped. [ID:nSIN282931]

Gold, Base Metals

Gold edged lower in Europe on Thursday, pressured by gains in the dollar but trading was muted ahead of U.S. data due later in the session. [ID:nLI254868] Base metals were mostly lower. [ID:nLI330006]

Canada Research

Raymond James cuts First Uranium Corp FIU.TO price target to C$6.50 from C$8.50; raises Petro Andina Resources PAR.TO price target to C$9 from C$8. [ID:nBNG411864] For more research, please see: [CA-RCH] ($1=$1.13 Canadian) (Reporting by Jennifer Kwan; Editing by Padraic Cassidy)

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