June 29, 2010 / 12:59 PM / 7 years ago

CANADA STOCKS-TSX may open lower as commodities weaken

5 Min Read

June 29 (Reuters) - Toronto's resource-heavy index could open lower on Tuesday after commodity prices fell on renewed fears about global growth and worries about Europe's debt problems hit risk appetite.

Jitters mounted ahead of bank repayments worth 442 billion euros to the European Central Bank on Thursday, leaving a potential liquidity shortfall in the financial system of over 100 billion euros. [MKTS/GLOB]

Wall Street is also set for a lower start ahead of S&P Case-Shiller home price index and consumer confidence data. [.N]

European shares fell to their lowest in nearly three weeks dragged by commodities and banks. Markets in Asia also fell with China's Shanghai Composite closing more than 4 percent down and Nikkei ending 1.3 percent lower.

Investors were also shaken after Japanese industrial output fell 0.1 percent in May.

Here is some news that could affect stock prices:

Oil Falls

Oil prices fell 2 percent to below $77 per barrel on Tuesday as stock markets slumped and risk appetite dwindled on renewed worries over euro zone debt. [O/R]

Copper Slips

Copper shed more than 4 percent on Tuesday, and looked set for a 15 percent fall in the second quarter, as concerns about economic recovery weighed on market sentiment. [MET/L]

Gold Moves Up

Gold inched higher in Europe on Tuesday as persistent concerns over the euro zone debt crisis supported safe-haven demand for the metal, but the stronger dollar limited gains. [GOL/]

Teck Reports Explosion at Coal Mine

Teck Resources TCKb.TO said on Tuesday an explosion occurred in the coal dryer at its Greenhills coal mine near Elkford, British Columbia, and it had mobilised teams to control a brush fire triggered by the blast. [ID:nSGE65S08G]

Migao to Build 40,000 Tonne Production Facility

Specialty fertilizer maker Migao Corp MGO.TO said it will construct a new 40,000 tonne per year potassium sulphate fertilizer production facility at its existing Changchun Migao location in Jilin Province, China. [ID:nSGE65S0FW]

Sunopta, Clearwater Sign Distribution Deal

SunOpta Inc SOY.TO (STKL.O), a Canadian company focusing on organic foods and natural health products, said its SunOpta Fruit Group agreed to market and distribute Clearwater Country Foods' Garden Green Garbanzo. [ID:nWNAB1702]

Aeterna Gets Positive Advice from Eu on Cancer Trial

Aeterna Zentaris AEZ.TO said the European health regulator has indicated that the data from the ongoing late-stage trial of its experimental colorectal cancer drug would be sufficient to receive a regulatory approval. [ID:nASA00HG1]

Boyuan Starts $6.2 Mln Retail Project in China

Boyuan Construction Group Inc (BOY.TO) said on Tuesday it has started construction of a retail project valued at $6.2 million in China's Zhejiang province. [ID:nSGE65S0G2]

Detour Gold to Raise C$252 Mln

Canadian gold explorer Detour Gold Corp (DGC.TO) said on Monday it would raise about C$252 million ($244.7 million) through a bought deal financing to advance its Detour Lake gold project. [ID:nSGE65R0JJ]

Nuloch Resources Expands Line of Credit

NuLoch Resources Inc NLRa.V, a Canada-based petroleum and natural gas explorer and producer, said on Tuesday it increased its current line of credit by 65 percent to C$14 million. [ID:nSGE65S0G0]

Research Roundup

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

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Etruscan Resources Inc EET.TO rating cut to market perform from outperform at Raymond James

* Gran Tierra Energy Inc (GTE.TO) price target raised to $10 from $9; rating strong buy at Raymond James

* Horizon North Logistics Inc HNL.TO price target raised to $2.70 from $2.60; rating outperform at National Bank

* ISE Ltd ISE.TO price target cut to $3 from $7.50; rating cut to market perform from outperform at Raymond James

* Petrominerales Ltd PMG.TO price target raised to $22 from $18; rating underperform at Raymond James

$1=$1.03 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson

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