November 26, 2009 / 12:55 PM / 8 years ago

CANADA STOCKS-Weak resources seen weighing on TSX

3 Min Read

TORONTO, Nov 26 (Reuters) - Toronto's main stock market index could open lower on Thursday as weak U.S. crude oil and falling gold prices weigh on the commodities-laden bourse.

But volume is expected to be light in Canada with U.S. markets closed for the Thanksgiving Day holiday.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed higher on Wednesday as a record-high gold price and a turnaround in oil prices boosted resource issues. [nN25369992]

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

Gold Weakens

Gold fell from a record high hit earlier on Thursday as the dollar rebounded from its lows, but the market was still expected to seek higher ground due to prospects for central bank buying and more dollar weakness. [nGEE5AP0ZD]

u.s. Crude Weaker

Oil fell toward $77 on Thursday, in line with falls across financial markets and as weak demand for fuel offset potential support from a weak dollar.[nSIN117910]

Magna International

Canada's Magna International MGa.TO wants at least 400 million euros ($600 million) in compensation from sports car maker Porsche (PSHG_p.DE) for canceling a contract, a newspaper reported on Thursday.[nGEE5AP15P]

Onex Corp

Onex Corp OCX.TO said on Wednesday it had sold another part of its interest in Emergency Medical Services Corp EMS.N in a secondary offering, for proceeds of about $151 million. [nN25371415]

Caisse De Depot

Caisse de depot et placement du Quebec, one of Canada's biggest pension funds, said on Wednesday it had completed a $5 billion global debt offering as part of a refinancing program aimed at fortifying balance sheets decimated by the global financial crisis. [nN25369498]

Teck Cominco

Workers at Antamina, a major copper pit in Peru, said on Wednesday they had wrapped up negotiations for a labor agreement and a new contract would be signed on Thursday. [nN25371093]

Research Roundup

Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. [RCH/CA]

* RBC raises Methanex Corp MEOH.O price target to $23 from $21; Rating Outperform

* Blackmont raises Primaris Retail REIT PMZ_u.TO price target to C$16 from C$14; Rating Sector Perform ($1=$1.05 Canadian) (Reporting by Scott Anderson, editing by Maureen Bavdek) ((scott.anderson@reuters.com; +1 416 941 8106; Reuters Messaging: scott.anderson.reuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below