December 22, 2009 / 1:47 PM / 8 years ago

CANADA STOCKS-TSX could open lower as commodities weigh

 TORONTO, Dec 22 (Reuters) - Toronto's main stock index could open lower on Tuesday as oil, gold and base metal prices fell and dragged down shares of energy and mining companies on the resource-heavy index.
 But the S&P/TSX composite index .GSPTSE may follow world stocks, which rose for a second day on rising expectations of U.S. economic recovery, while U.S. stock index futures also pointed to a higher open. [MKTS/GLOB] [.N]
 Here is some news that could affect the market:
 OIL SLIPS
 Oil prices slipped towards $73 per barrel on Tuesday after OPEC agreed to roll over its production targets and ahead of data expected to show a fall in crude and distillate inventories in the United States. [O/R]
 GOLD, BASE METALS SOFT
 Spot gold prices fell to its lowest since early November on Tuesday, hampered as the dollar found support against a basket of currencies. [GOL/]
 Copper fell on Tuesday, in holiday thinned trade, as traders noted more gains in stockpiles of the metal, a sharp slide in Chinese equities and the possibility that the U.S. dollar might continue to rise. [MET/L]
 PARKLAND INCOME FUND PKI_u.TO
 Parkland Income Fund said on Tuesday it is to buy petroleum distributor Bluewave Energy Limited Partnership for C$214 million, making it the largest independent fuel distributor in Canada. [ID:nSGE5BL070]
 CANADA BANKS TO PAY C$139 MLN IN ABCP SETTLEMENT
 A group of Canadian banks and brokerages will pay about C$139 million in penalties for allowing investors to buy asset-backed commercial paper that traded in a market that seized up during the U.S. subprime credit crisis. [ID:nN21258531]
 C A BANCORP INC BKP.TO
 C. A. Bancorp Inc board of directors unanimously recommended shareholders to reject Maxam's hostile take-over bid and said Maxam's offer is financially inadequate. [ID:nWNBB3611]          
 CANADA'S RESEARCH ROUNDUP
 *Blackmont Capital initiated coverage of four Canadian gold mining companies, including Rubicon Minerals Corp RMX.TO. [ID:nSGE5BL0D9]
 *RBC cuts IAMGOLD Corp (IMG.TO) price target to C$20 from C$21; rating sector perform.
 For more research, please see: [CA-RCH]  (Reporting by Irene Kuan; Editing by Chizu Nomiyama)                                      

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