April 23, 2009 / 12:20 PM / 8 years ago

CANADA STOCKS-TSX could get boost from energy at open

5 Min Read

TORONTO, April 23 (Reuters) - Toronto's main stock index could open higher on Thursday given the combination of a rise in oil prices, a higher-than-expected profit from a key energy player and a jump in equities overnight.

A rise in stocks globally overnight could help set the tone for a higher start in Toronto as overseas investors put aside recent worries about the world economy and banking woes and opted to send stocks higher. For more see [ID:nLN950313].

But investors may hold off on making big commitments until they have details of the Bank of Canada's Monetary Policy Report due out at 10:30 a.m. (1430 GMT), which will be followed by a press conference with Governor Mark Carney at 11:15 a.m.

A slew of quarterly earnings from a number of key companies could also pull the index in different directions as investors read over the details of the reports.

The S&P/TSX composite index .GSPTSE finished modestly higher on Wednesday's as stable commodity prices helped the resource-heavy index rise 31.98 points to 9,279.15.

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

Suncor, Hit by Forex and Lower Prices, Posts q1 Loss

Canadian oil company Suncor Energy Inc (SU.TO) posted a first-quarter loss of C$189 million ($153 million) on Thursday, with foreign exchange losses and lower prices partly offset by higher downstream margins. [ID:nLN617354]

Potash Corp q1 Profit Slumps 46 Percent

Potash Corp of Saskatchewan (POT.TO) posted a 46 percent fall in first-quarter profit as sales volumes declined for all three nutrients and prices for nitrogen products and solid phosphate fertilizer weakened substantially. [ID:nBNG54646]

Canadian Pacific Traffic, Profit Falls

Canadian Pacific Railway (CP.TO) posted a 31-percent decline in first-quarter profit on Thursday, citing declining freight traffic volume resulting from the global economic downturn. [ID:nN23306426]

Celestica Reports Lower Profit, Sees Same in q2

Contract electronics maker Celestica Inc (CLS.TO)(CLS.N) posted a lower quarterly profit on Thursday as a tough economic environment hurt results. [ID:N22546115]

Metro Posts Higher Earnings, Boosts Dividend

Metro Inc MRUa.TO reported a higher quarterly profit and boosted its dividend 10 percent as Canada's third-largest grocer shrugged off the effects of the economic downturn. [ID:nN23302918]

Oil Climbs Towards $50, Echoing Equities

Oil rose towards $50 a barrel on Thursday as a rally in European equities markets encouraged investors to focus on the prospects for a rebound in oil demand once the global recession begins to ease. [ID:nSP468383]

Suncor Execs to Take Top Posts in Petro-Can Deal

Executives at Suncor Energy Inc (SU.TO) will assume the top roles in the company after it wraps up its planned C$18.4 billion ($15 billion) takeover of Petro-Canada PCA.TO in the country's biggest energy deal, the firms said on Wednesday. [ID:nN22259432]

Gold Edges Up as Economic Concerns Linger

Gold edged up on Thursday, extending gains from the day before as concern about the global economy enhanced bullion's appeal as a hedge against market uncertainty, and physical buying in India also provided support. [ID:nLN83239]

Hemisphere Gps q1 Profit Falls on Slower Farm Spending

Canada's Hemisphere GPS Inc HEM.TO, a maker of global positioning systems, posted a 72 percent drop in first-quarter profit as the ongoing economic slowdown hurt demand for its GPS products. [ID:nBNG496770]

Canadian Research: Encana, Precision Drilling Trust

Following is a list of research on Canadian-listed companies. For more, please see [RCH/CA].

* Raymond James raises EnCana Corp (ECA.TO) price target 4.5 percent to C$57.50 with "market perform" rating.

* Raymond James raises Precision Drilling Trust PD_u.TO price target to C$9 with "outperform" rating.

* Raymond James cuts Inmet Mining IMN.TO to "outperform" rating from a "strong buy" and raises target price 11 percent to C$50.

* Raymond James raises Ivanhoe Mines (IVN.TO) target price 12.5 percent to C$4.50, maintains "underperform" rating. ($1=$1.24 Canadian) (Reporting by Frank Pingue; Editing by James Dalgleish)

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