CANADA STOCKS-TSX could get boost from energy shares at open

Wed Apr 22, 2009 8:22am EDT
 
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TORONTO, April 22 (Reuters) - Toronto's main stock index could open higher on Wednesday as the resource-heavy index may draw support from higher commodity prices, while a key energy player delivered quarterly results that topped expectations.

But direction in the TSX could also be influenced by moves in U.S. equities, which may start lower as investors await another round of quarterly results from major companies.

Shares of EnCana Corp (ECA.TO: Quote), often a key player in determining the index's direction, could get a boost as its profit for the first-quarter came in ahead of the average forecast among analysts surveyed by Reuters Estimates.

The S&P/TSX composite index .GSPTSE is coming off a sharp rally in Tuesday's session as energy and financials shares led it to a gain of 1.33 percent to close at 9,247.17.

Here is some of the news that may affect the index:

ENCANA Q1 PROFIT RISES ON $89 MLN HEDGING GAIN

EnCana Corp's (ECA.TO: Quote) first-quarter profits were cushioned by a hedging gain of $89 million, Canada's biggest energy company said on Wednesday. [ID:nN21497450]

PRECISION DRILLING Q1 EARNINGS DROP

Precision Drilling Trust PD_u.TO on Wednesday reported lower-than-expected first-quarter earnings of 30 Canadian cents per unit, but said supply declines may begin to outpace lower demand in late 2009. [ID:nN22523280]   Continued...