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: Quote) and McDonald's Corp (MCD.N: Quote). [.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 (ECA.TO: Quote)

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 OF SASKATCHEWAN INC (POT.TO: Quote)

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...