February 25, 2009 / 1:23 PM / 8 years ago

CANADA STOCKS-TSX could open higher, banks eyed

3 Min Read

* U.S. crude oil rises 1 pct

* TSX gains 2.8 pct in previous session

* Toronto-Dominion Bank results eyed

TORONTO, Feb 25 (Reuters) - Toronto's main stock market index could open higher on Wednesday on momentum from the previous session's strong gains, while the country's top banks will be in focus as Toronto-Dominion Bank (TD.TO) kicks off the quarterly results period.

The influential energy sector could also show leadership as the price for U.S. crude oil rose more than 1 percent ahead of U.S. inventory data expected to show rising supply. [nSP425877]

Toronto's main stock index closed sharply higher on Tuesday as oil and gas issues climbed with rising crude prices, while financials strengthened as fears over the fate of the troubled U.S. banking sector eased. [nN24435735]

Below is some of the news that may affect the market.

Gold Eases as Risk Aversion Cools, Equities Firm

Gold declined on Wednesday after reassuring comments from Federal Reserve Chairman Ben Bernanke on the economy cooled risk aversion. [nLP360903]

Iamgold, North American Palladium Post q4 Losses

Canadian precious metal miners Iamgold (IMG.TO) and North American Palladium (PDL.TO) posted fourth-quarter losses and showed sharply contrasting prospects after gold prices recovered while palladium plunged. [nN24447941]

Manulife to Offer Up to C$275 Mln of Pref Shares

Manulife Financial Corp (MFC.TO), Canada's largest insurance company, said on Tuesday it will issue as much as C$275 million ($222 million) of preferred shares to strengthen its balance sheet. [nN24437648]

Nortel Asks Court to Hire Mercer Pay Consultants

Struggling telecom equipment maker Nortel Networks Corp NT.TO is seeking court approval to retain compensation consulting firm Mercer at a cost of hundreds of dollars an hour, even as it fights for survival under bankruptcy protection. [nN24265106]

Canwest to Sell Stake in Score Media

Canwest Global Communications Corp CGS.TO said it intends to sell its stake in Score Media Inc SCR.TO for about C$10 million ($8.1 million). [nBNG500659]

Research Roundup:

Following is a summary of research actions on Canadian companies reported by Reuters. For more please double click [RCH/CA] [nBNG425570]

* Desjardins raises HudBay Minerals (HBM.TO) price target to C$7.35 from C$5.90; rating Buy

* Genuity raises CI Financial Corp (CIX.TO) to Buy from Hold

* RBC raises Thomson Reuters Corp (TRI.N) price target to $33 from $31; rating Outperform

* RBC cuts Magna International MGA.N price target to $45 from $50; Rating Outperform

* RBC cuts George Weston (WN.TO) price target to C$71 from C$72; Rating outperform

$1=$1.25 Canadian Reporting by Scott Anderson, Editing by Chizu Nomiyama

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