April 29, 2009 / 12:32 PM / 8 years ago

CANADA STOCKS-TSX could open higher as Fed, results eyed

4 Min Read

TORONTO, April 29 (Reuters) - Canada's main stock market index could open higher on Wednesday, recovering from two days of losses, as investors digest corporate earnings reports and await the next interest rate decision from the U.S. Federal Reserve.

Investors will be studying results from several Canadian companies including Rogers Communications (RCIb.TO) and Talisman Energy TLM.TO.

But worries over the impact of a global outbreak of swine flu could weigh on the market after the U.S. government confirmed a 23-month old in Texas has died from the new H1N1 swine flu, the first U.S. death from the virus. [nN29385038]

The U.S. Federal Reserve holds its rate-setting meeting for a second day. Economists expect the Fed to hold its target range for its benchmark funds rate steady near zero -- as it has since December -- and will be looking for any comments that other methods of stimulating the economy are taking hold.

Toronto's main stock index finished lower for a second straight session on Tuesday, falling 46.77 points to 9,348.03, as worries about the dangers of a possible flu pandemic pulled down commodities prices. [nN28344953]

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

Rogers Profit Drops, but Wireless Stays Strong

Canadian media and telecom group Rogers Communications posted a drop in first-quarter profit on Wednesday as strong performances from its wireless and cable divisions were offset by a drop in advertising at its media division. [nN29251172]

Talisman Energy q1 Profit Falls 2 Pct

Talisman Energy said on Wednesday its first-quarter profit fell 2 percent as gains on asset sales were offset by lower realized prices, higher depletion, depreciation and amortization and dry hole costs. [nBNG470353]

Oil Rises Above $50, Buoyed by Equities, Data

Oil prices climbed above $50 per barrel on Wednesday, supported by rising stock markets and a bigger-than-expected improvement in U.S. consumer confidence, despite concerns over the impact of a global flu crisis. [nSP459932]

Canada's Norbord Posts Narrower-Than-Expected q1 Loss

Norbord Inc NBD.TO, a Canada-based producer of wood-based panels, posted a narrower-than-expected quarterly loss because of a drop in manufacturing input costs and higher prices for oriented strand boards. [nBNG96028]

Gold Edges Up as Weak Dollar Sparks Buying

Gold edged up in Europe on Wednesday as the dollar lost ground versus the euro, boosting bullion's appeal as an alternative asset, as traders also took advantage of lower prices to buy into the metal. [nLT858331]

Canadian Research:

Following is a list of research on Canadian-listed companies. For more, please see [RCH/CA].

* UBS cuts Inmet Mining IMN.TO price target to C$39 from C$41; Keeps neutral rating.

* RBC raises Domtar Corp (UFS.TO) UFS.N to outperform from sector perform.

* Raymond James cuts SFK Pulp Fund SFK_u.TO price target to C$0.25 from C$0.50; Rating Market Perform ($1=$1.20 Canadian) (Reporting by Scott Anderson; Editing by Padraic Cassidy)

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