July 29, 2009 / 1:07 PM / 8 years ago

CANADA STOCKS-TSX may open lower on weak commodity prices

TORONTO, July 29 (Reuters) - Toronto's main stock market index could open lower on Wednesday, as weaker oil and metals prices could weigh on the resource-heavy market.

U.S. stock index futures slipped as investors paused to gauge if the recent market run-up will be sustained, while a drop in commodity prices looked set to weigh on shares of natural resource companies.[ID:nN29235181]

On Tuesday the S&P/TSX composite index .GSPTSE closed down 186.89 points, or 1.74 percent, at 10,570.54.

Here is some news that could affect the market:

NORTEL NETWORKS NRTLQ.PK

The $1.13 billion sale of Nortel Networks'prized wireless assets to Swedish telecoms equipment maker Ericsson (ERICb.ST) received the blessing of Canadian and U.S. courts on Tuesday, with a U.S. bankruptcy judge praising the bidding process. [ID:nN28183608]

ENBRIDGE INC (ENB.TO)

Enbridge Inc said on Wednesday its quarterly profit fell from last year, when it benefited from a huge gain on the sale of its stake in a Spanish pipeline. [ID:nN29246595]

JAZZ AIR INCOME FUND JAZ_u.TO

Jazz Air Income Fund, the regional feeder airline to national carrier Air Canada ACa.TO, will reduce its fleet, cut distributions by 40 percent and change the terms of its deal with Air Canada to help the larger airline attain "sustainable profitability," the airlines said on Tuesday. [ID:nN28216634]

FLINT ENERGY SERVICES LTD FES.TO

Canada's Flint Energy Services Ltd received firm funding commitments of about $141.2 million from lenders, who also agreed to renew the revolving portion of an existing credit facility to June 30, 2012. [ID:nBNG506939]

OIL FALLS

Oil fell below $66 a barrel on Wednesday after U.S. data showed an unexpected rise in crude inventories and triggered a second day of selling. [ID:nSP480296]

GOLD, BASE METALS

Gold eased in Europe as the dollar firmed, prompting losses across commodities, with currencies seen as higher risk coming under heavy selling pressure after recent gains. [ID:nLT428253] Base metals were also lower.[ID:nLT445010]

TALISMAN ENERGY INC TLM.TO

Second-quarter profit at Talisman Energy Inc, Canada's third-largest independent oil explorer, fell 85 percent as oil and gas prices tumbled due to the global recession's impact on energy demand. [ID:nBNG454712]

CANADA RESEARCH

* Macquarie raises Inmet Mining Corp IMN.TO to outperform from neutral. [ID:nWNBB4737]

* UBS cuts Equinox Minerals EQN.TO to neutral from buy. [ID:nWNBB4829]

* UBS cuts Rogers Communications (RCIb.TO) price target to C$34 from C$37; rating buy. [ID:nWNBB4830]

For more research, please see: [CA-RCH]

$1=$1.09 Canadian Reporting by Nina Lex

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