April 30, 2009 / 12:20 PM / 8 years ago

CANADA STOCKS-TSX could move higher on Fed, oil

3 Min Read

TORONTO, April 30 (Reuters) - Toronto's main stock market index could open higher on Thursday as investors feed off positive comments from the U.S. Federal Reserve, while Canadian energy companies are boosted by firm oil prices.

Investors will also watch Chrysler LLC as it rushed to clinch a last-minute deal on Thursday to stave off collapse ahead of a midnight deadline for the third-largest U.S. automaker.

As of Thursday morning, Chrysler still had not gained the bondholder support it needs to move forward with a restructuring and avoid the first-ever bankruptcy filing by a Big Three U.S. automaker. [nLU940906]

The Fed instilled a positive tone to the market on Wednesday saying the economic outlook had improved modestly since its last meeting in March. [ID:nN29429278]

Toronto's main stock index rose 0.7 percent on Wednesday as higher oil prices and upbeat corporate earnings sparked renewed interest in equities after two straight declining sessions. [nN29448000]

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

Centerra Posts q1 Loss; Keeps 2009 Production View

Centerra Gold (CG.TO) posted a first-quarter loss, hurt by reduced gold production and sales volumes and higher operating expenses. [nBNG474295]

Gold Falls as Dollar Lifts Off Lows, Stocks Rise

Gold fell 1 percent in Europe on Thursday as the dollar lifted from lows versus the euro, undermining key support for prices, and equity markets strengthened. [nLU31497]

Japan Firms to Buy Teck's Pogo Gold Mine Stake

Japan's Sumitomo Metal Mining Co Ltd (5713.T) said it and Sumitomo Corp (8053.T) will buy Teck Resources Ltd's TCKb.TO 40 percent stake in the Pogo gold mine in Alaska, making the Japanese mining company the operator of an overseas mine for the first time. [nT300294]


Oil rose toward $52 a barrel on Thursday, extending the previous day's gains as traders focused on improving economic data and draining fuel stocks rather than the swine flu outbreak. [nSP378435]

Agnico-Eagle Profit Boosted by Tax Recovery

Agnico-Eagle Mines (AEM.TO) said on Wednesday its quarterly profit surged 88 percent, helped by higher gold production and a $38.6 million tax recovery. [nN29443219]

Kyrgyz Parliament Approves New Centerra Gold Deal

Kyrgyzstan's parliament on Thursday approved a new deal with Canadian miner Centerra Gold (CG.TO) on the terms of developing the Kumtor gold mine. [nLU96121]

Canadian Research:

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

* UBS cuts Agnico-Eagle Mines AEM.N price target to $62 from $63; Rating Buy

* RBC cuts Air Canada ACa.TO price target to C$2 from C$4; Rating Sector Perform ($1=$1.19 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama)

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