July 30, 2009 / 12:32 PM / 8 years ago

CANADA STOCKS-TSX may open higher on steady commodities

TORONTO, July 30 (Reuters) - Toronto’s main stock market index could open higher on Thursday, following a rise in global equity markets, as steady oil and metal prices may boost the resource-heavy index.

World stocks and commodity prices rose after China’s central bank reaffirmed its commitment to “appropriately loose” monetary policy and European company earnings cheered investors. [ID:nLU387161]

U.S. stock index futures rose following another string of stronger-than-expected quarterly corporate profits, including results from Visa Inc, and fresh indications that the global economic downturn is easing. [ID:nN30527713]

On Wednesday the S&P/TSX composite index .GSPTSE closed down 115.21 points, or 1.1 percent, at 10,455.33.

Here is some news that could affect the market:

PETRO-CANADA PCA.TO

Petro-Canada, whose C$22.5 billion ($20.70 billion) acquisition by Suncor Energy Inc (SU.TO) is expected to close on Saturday, said on Thursday its second-quarter operating profit fell 91 percent as oil prices tumbled.[ID:nN29275329]

BARRICK GOLD (ABX.TO)

Barrick Gold earns C$492 million (C$0.56 per share), cash flow rises 42 percent to C$718 million. [ID:nWNBB5893]

CANADIAN PACIFIC RAILWAY (CP.TO)

Canadian Pacific Railway Ltd said on Thursday its second-quarter net income rose slightly as a decline in freight volumes was offset by a gain on the sale of a portion of its interest in the Detroit River Tunnel Partnership. [ID:nN30281811]

AIR CANADA ACa.TO

Air Canada said on Wednesday it has raised C$1.02 billion ($936 million) in a series of transactions with its lenders and other stakeholders in a move that will likely help the carrier avoid its second bankruptcy filing in six years.

IGM FINANCIAL INC (IGM.TO)

IGM Financial Inc, Canada’s No. 2 mutual fund manager, said on Wednesday it had second-quarter profit of C$144.5 million ($132.6 million), a 33 percent fall from earnings for the same three months of 2008. [ID:nN29362196]

SUN LIFE FINANCIAL (SLF.TO)

Sun Life Financial says it entered an agreement with China Everbright Bank to capture larger share of China’s financial services sector. [ID:nWEN1622]

OIL UP

Oil rose above $64 a barrel, boosted by stock markets in Europe and Asia, better than expected corporate results and data suggesting the economic downturn was bottoming out. [ID:nSP411146]

GOLD, BASE METALS

Gold firmed as the dollar eased against a basket of currencies, with rebounding stock markets and reassuring comments from China’s central bank boosting appetite for currencies seen as higher risk. [ID:nLU507241] Base metals were also higher. [ID:nLU479743]

CANADA RESEARCH

* Macquarie raises CIBC (CM.TO) price target to C$59.50 from C$57.50; rating neutral.

* Genuity cuts TMX Group (X.TO) to hold from buy.

* Raymond James raises Methanex Corp (MX.TO) price target to C$23 from C$21; rating strong buy.

* Genuity raises Brookfield Properties BPO.TO price target to C$10 from C$8.50; rating buy. [ID:nBNG542879]

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

$1=$1.08 Canadian Reporting by Nina Lex; Editing by Chizu Nomiyama

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