CANADA STOCKS-TSX may open higher on earnings optimism

Thu Jul 23, 2009 8:23am EDT
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TORONTO, July 23 (Reuters) - Toronto's main stock market index could open higher on Thursday, as firm metals prices and investors' optimism about this quarter's earning results could lift the resource-heavy index.

World stocks stabilised near the previous session's nine-month high after forecast-beating earnings from major firms boosted expectations for a global economic recovery. [ID:nLN726978]

U.S. stock index futures rose slightly on Thursday as investors remained positive following an overall strong earnings season and ahead of results from United Parcel Service Inc UPS.N and McDonald's Corp MCD.N. [.N]

On Wednesday the S&P/TSX composite index .GSPTSE closed down 82.97 points, or 0.79 percent, at 10,432.35.

Here is some news that could affect the market:


EnCana Corp, Canada's largest energy company, said on Thursday its second-quarter operating profit fell 38 percent, as oil and gas prices tumbled due the impact of the recession on energy demand. [ID:nBNG395960]


Potash Corp, the world's biggest fertilizer company, posted a 78 percent drop in second-quarter profit hurt by lower sales volumes and cuts its full year profit forecast as buyers continued to be extremely cautious in the wake of the global economic downturn. [ID:nBNG368711]   Continued...