CANADA STOCKS-TSX may open down as commodities, earnings drag

Wed Oct 28, 2009 8:19am EDT
 
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 TORONTO,  (Reuters) - Toronto's main stock index may open
lower on Wednesday as a rash of weaker quarterly earnings and a
pullback in oil prices could unsettle investor sentiment and
weigh on the resource-heavy index.
 A decline in stocks could also be driven by equities in the
United States, where stock index futures fell as investors seek
insight into the health of the economy a day after
disappointing consumer confidence data. [ID:nN28289100]
 The S&P/TSX composite index .GSPTSE, which has closed
lower in three-straight sessions, fell 181.34 points, or 1.61
percent, to 11,053.54 on Tuesday.
 Here is some news that could affect the market:
 NEXEN INC NXY.TO
 Nexen Inc's third-quarter profit fell 86 percent as oil
prices tumbled from the lofty levels of a year earlier,
Canada's fourth-largest independent oil explorer said on
Wednesday. [ID:nBNG449399]
 CANAM GROUP INC (CAM.TO: Quote)
 Construction products maker Canam Group Inc reported a 71
percent drop in quarterly profit, which also came in below
market expectations, reflecting a slowdown in non-residential
construction. [ID:nBNG461504]
 MAGNA INTERNATIONAL MGa.TO
 Magna International said it can clinch a contract to buy a
majority stake in carmaker Opel from General Motors [GM.UL]
even as GM's board weighs its final choice, Magna's co-chief
executive said. [ID:nLS394885]
 CANWEST GLOBAL COMMUNICATIONS CORP CGS.TO
 Canada's Canwest Global Communications Corp said late on
Tuesday it would transfer its assets of National Post to a new
entity, pending court approval, as part of its process to
recapitalize the whole company. [ID:nBNG224376]
 METHANEX CORP MX.TO
 Methanex Corp, the world's largest producer of methanol, on
Tuesday reported a third-quarter loss, hurt in part by
unplanned outages at its Chile and Trinidad plants.
[ID:nBNG545042]
 OPEN TEXT CORP (OTC.TO: Quote)
 Business software maker Open Text Corp posted an 88-percent
drop in quarterly profit on Tuesday as C$18.6 million ($17.5
million) in unspecified charges offset the impact of stronger
revenue. [ID:nN27263987]
 OIL PRICES SLIDE
 Oil fell below $79 a barrel on Wednesday, pressured by
weaker equities and a stronger U.S. dollar. [O/R]
 GOLD PRICES STEADY
 Gold prices held near $1,035 an ounce in Europe on
Wednesday, little changed from the previous session, as the
U.S. dollar steadied against the euro after hitting a two-week
high earlier this week. [GOL/]
 RESEARCH ROUNDUP:
 Following is a summary of research actions on Canadian
companies reported by Reuters. For more, please double click
[RCH/CA]
 * Genuity raises Rogers Communications (RCIb.TO: Quote) price
target 3 percent to C$33 with a "hold" rating.
 * Raymond James upgrades Canadian Pacific Railway Ltd
(CP.TO: Quote) to "outperform" from "market perform."
 ($1=$1.08 Canadian)
 (Reporting by Frank Pingue; Editing by Padraic Cassidy)