April 20, 2010 / 12:58 PM / 7 years ago

CANADA STOCKS-TSX seen opening higher on firmer commodities

6 Min Read

April 20 (Reuters) - Toronto's main stock exchange looked set to open higher on Tuesday as commodity prices rose on a weaker U.S. dollar and firm U.S. company results boosted sentiment.

Investors were also watching the Bank of Canada's interest rate announcement. All 12 of Canada's primary dealers surveyed last week expected the central bank to hold rates steady in its announcement at 9 a.m. (1300 GMT). [CA/POLL]

Wall Street is also poised for a higher start after better-than-expected results from Coco-Cola (KO.N) and Goldman Sachs (GS.N) bolstered investors' sentiment. [.N]

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner will testify on Lehman Brothers collapse before the House Financial Service Committee.

European shares rose after German sentiment data rebounded strongly in April, boosting expectations the economy will pick up in the second quarter. Most Asian equities were back to positive, while Nikkei and China's key stock index closed down.

Below is some news that could affect stock prices:

Oil Up on Risk Appetite

Oil rose past $82 a barrel as risk appetite improved ahead of Goldman Sachs (GS.N) results and some European flights resumed after a threat from spewing volcanic ash in Iceland receded. [O/R]

Gold Up on Euro, Commods

Gold rose back above $1,140 an ounce in Europe as a recovery in risk appetite lifted both the euro and commodity prices, helping the metal regain some upward momentum after a slide to two-week lows. [GOL/]

C$ Up on Results, Commods

The Canadian dollar rose slightly against its U.S. counterpart boosted by strong U.S. corporate earnings and a rally in commodity prices ahead of the Bank of Canada's interest rate announcement. [CAD/]

Copper Up on Risk Appetite

Industrial metals gained, with copper rising 2 percent as risk appetite improved with positive results from Citigroup (C.N) and as investors bet on robust demand from China. [MET/L]

Newmont, Barrick's Mine Reopens

Australia's biggest gold mine, Kalgoorlie's Super Pit -- owned 50-50 by Newmont Mining Corp (NEM.N) and Barrick Gold (ABX.TO)-- started reopening late on Tuesday after it was evacuated and closed due to an earthquake earlier in the day, the mine's owner said. [ID:nSGE63J027]

Lundin Work Stoppage

Lundin Mining Corp (LUN.TO) said it received notice from the union representing employees at its Neves-Corvo copper mine in Portugal that they plan a total work stoppage from May 5 to May 12. [ID:nSGE63J0GY]

Suncor's Syrian Gas Production Starts

Canada's No. 1 oil and gas producer, Suncor Energy Inc (SU.TO), on Monday said it has begun producing natural gas from the C$1.2 billion ($1.19 billion) Ebla project in Syria. [ID:nN19220402]

Capstone Production

Capstone Mining Corp (CS.TO) reported its production for the first-quarter of 22 million pounds of copper in contained concentrates and said total cash cost was $1.12 per pound of payable copper produced. [ID:nSGE63J0IV]

THOMSON REUTERS' ELEKTRON Thomson Reuters Corp (TRI.TO) launched a global, high-speed network, called Elektron, on Tuesday for financial firms to access real-time data as well as share information with each other directly. [ID:nLDE63I1XU]

Extendicare Real Estate Gets Subpoena

Extendicare Real Estate Investment Trust's EXE_u.TO unit received subpoenas from the U.S. Department of Health and Human Services relating to an investigation into the possible submission of claims that may be in violation of the U.S. Social Security Act. [ID:nWNAB9780]

Kingsway Ups Klroc Stake

Kingsway Financial Services Inc KFS.TO raised its stake in Kingsway Linked Return of Capital Trust (KLROC) to about 26.72 percent. [ID:nSGE63J0HM]

Provident Sells Upstream Unit

Provident Energy Trust PVE_u.TO said Midnight Oil Exploration Ltd MOX.TO agreed to acquire its upstream business in a C$460 million cash-and-stock deal. [ID:nSGE63J0GO]

High River Loss Narrows

Miner High River Gold Mines Ltd HRG.TO reported a narrower loss of C$9.8 million for the full-year 2009, compared with a loss of C$57.5 million in the previous year, helped by increase in gold revenue. [ID:nWEN2946]

Indigo Books Ups Dividend

Canada's biggest book retailer, Indigo Books & Music Inc (IDG.TO), increased quarterly dividend by 10 percent to 11 cents a share. [ID:nWNAB9743]

Pan American Production

Pan American Silver Corp PAA.TO on Monday said it produced 5.5 million ounces of silver and 27,896 ounces of gold, which increased by 13 percent and 34 percent respectively, from year ago. [ID:nWNAB9806]

Vero Production

Vero Energy Inc VRO.TO on Monday said it expects production for 2010 to average between 8,500 to 9,000 barrels of oil equivalent per day. [ID:nWNAB9729]

Vms Ventures Drilling

Metal miner, VMS Ventures Inc VMS.V, said it will commence first drill program at its fully owned copper project, snow lake, Manitoba this week. The company added a minimum of 1,500 metres of drilling is planned. [ID:nWNAB9887]

Noranda Extends Credit Facility

Noranda Income Fund (NIF_u.TO) on Monday said its subsidiary has secured an extension of its revolving credit facility for six months, under the condition that no cash distributions are made during the extension period. [ID:nSGE63I0ME]

Research Roundup

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

* Gildan Activewear (GIL.TO) price target raised to C$32 from C$29; rating buy at UBS

* Vero Energy VRO.TO price target raised to C$10 from C$9.50; rating outperform at Macquarie

* Potash Corp Of Saskatchewan Inc (POT.N) upgraded to hold from sell by Soleil

$1=$1.01 Canadian Reporting by Bangalore newsroom, editing by Savio D'Souza and Jeffrey Hodgson

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