TORONTO, May 25 (Reuters) - Toronto’s main stock market index could open lower on Monday as falling oil and gold prices put resource shares under pressure.
But the activity could be light with the U.S. markets, to which investors traditionally look for direction, closed for a holiday.
Toronto’s main stock index closed higher on Friday as energy and materials issues got a lift from firmness in commodity prices. The S&P/TSX composite index .GSPTSE was up 43.83 points, or 0.4 percent, at 9,993.42. On the week, it was up 2.4 percent.
Here are some of the stories that may affect the market:
Oil prices fell toward $61 a barrel on Monday, giving away some of last week’s gains, ahead of OPEC’s meeting in Vienna, where the group was widely expected to agree not to cut oil output further. [nSYD459549]
Gold prices softened on Monday but remained within sight of a two-month high above $960 an ounce touched in the previous session, retaining their sheen in the face of a weaker dollar. [nSP121279]
Air Canada ACa.TO, the country’s largest carrier, said on Monday it reached an agreement with one of its principal credit card processors that reduces the level of unrestricted cash to be maintained and accumulates additional security over time. [nN25392744]
The German government will likely settle on a preferred bidder for Opel, the German unit of General Motors (GM.N), by the middle of the week, Chancellor Angela Merkel’s spokesman said on Monday. [nLP6868]
BALLARD POWER PLANS TO END JV WITH JAPAN‘S EBARA
Canadian fuel-cell maker Ballard Power Systems Inc BLD.TO (BLDP.O) plans to dissolve its joint venture with Ebara Corp (6361.T) that was focused on systems development for the Japanese residential cogeneration market. [nBNG468809]
Following is a summary of research actions on Canadian companies reported by Reuters on Monday. For more, see [RCH/CA]
*Genuity raises Silver Wheaton SLW.TO price target to C$17.00 from C$16.00; Rating Buy
*Genuity starts Dalsa Corp DSA.TO with Buy; Price target of C$10
*Raymond James raises Minco Silver MSV.TO price target to C$2.60 from C$2; Rating outperform
$1=$1.13 Canadian Reporting by Scott Anderson; Editing by Frank McGurty