CANADA STOCKS-TSX could follow resources to lower open

Wed Oct 21, 2009 8:23am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 TORONTO, Oct 21 (Reuters) - Toronto's main stock index may
open lower on Wednesday as a drop in commodity prices may weigh
on the resource-heavy index while corporate earnings out of the
United States could also influence direction.
 U.S. stock futures were weighed down by earnings from the
world's second-largest plane maker Boeing Co (BA.N: Quote), which
posted a disappointing quarterly net loss, and this may impact
sentiment in Canada. [ID:nN20433045]
 The TSX ended flat in the previous session given a late
surge by Cameco Corp (CCO.TO: Quote) on the possibility of a jump in
uranium prices after early strength in Barrick Gold (ABX.TO: Quote)
and other gold miners dissipated on lower gold prices.
 The S&P/TSX composite index .GSPTSE finished down 0.27 of
a point at 11,538.12 on Tuesday.
 Here is some news that could affect the market:
 Research In Motion is rolling out an updated version of its
top-end BlackBerry Bold smartphone, aimed at the company's base
of professional users as well as wealthier retail consumers.
 CN reported a better-than-expected 13 percent drop in
third-quarter profit on Tuesday as deep cost cuts helped
cushion the impact of the recession. [ID:nN14246637]
 Oil fell towards $78 a barrel on Wednesday, extending the
previous session's decline from a one-year peak after a
bigger-than-expected rise in U.S. crude oil inventories. [O/R]
 Gold prices softened but held well above $1,050 an ounce in
Europe on Wednesday, awaiting direction from the foreign
exchange markets, as the previous day's recovery in the dollar
index .DXY petered out. [GOL/]
 Following is a summary of research actions on Canadian
companies reported by Reuters. For more, please double click
 * Genuity cuts Brookfield Properties BPO.TO to "hold"
rating from "buy"
 * Raymond James raises Canadian National Railway (CNR.TO: Quote)
price target 7.5 percent to C$64.50 with "outperform" rating.
 * Raymond James raises Domtar UFS.TO price target 87.5
percent to C$45 with "market perform" rating.
 ($1=$1.06 Canadian)
 (Reporting by Frank Pingue, Editing by Chizu Nomiyama)