July 29, 2010 / 1:09 PM / 7 years ago

CANADA STOCKS-TSX may open higher on strong commodity prices

6 Min Read

July 29 (Reuters) - Toronto's main stock index could open higher on Thursday on firm commodity prices and a slew of solid financial results from gold and energy producers.

Canadian equity futures pointed to a higher open. <0#SXF:>. The Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was up 0.10 percent in early trade.

Wall Street is also set for a higher open ahead of weekly jobs data. [.N]

European shares rose, led by strong company results from AstraZeneca and Capgemini. Asian stocks edged up towards a three-month high, while Nikkei fell on profit-taking.

Here is some news that could affect stock prices:

Oil Steady

Oil was steady at around $77 on Thursday after falling the previous day on weak durable goods data and the biggest weekly increase in crude inventories for nearly two years in the United States. [O/R]

Copper Rallies

Copper prices rose more than 1 percent on Thursday as gains in global equities and a weaker dollar re-ignited risk appetite and overshadowed recent worries over the U.S. economic recovery. [MET/L]

Gold Rises

Gold prices firmed in Europe on Thursday as some Asian buyers were tempted back to the market by the precious metal's fall to three-month lows. [GOL/]

C$ Creeps Up

The Canadian currency edged higher against the greenback on Thursday, boosted by rising North American equity futures, firm commodity prices and broader U.S. dollar weakness. [CAD/]

Canadian stocks to watch include:


Thomson Reuters Corp reported lower quarterly profit and revenue that were slightly below Wall Street expectations, but said sales trends pointed to a return to revenue growth this quarter. [ID:nN29159519]


Barrick Gold said on Thursday its second-quarter profit rose 59 percent, as record gold prices helped boost results and prompted the world's largest gold miner to raise its dividend by 20 percent. [ID:nN29200421]


The Canadian gold miner's quarterly profit more than doubled, driven by higher sales volumes and prices. [ID:nSGE66S0ER]

Potash Corp of Saskatchewan pot.to

Potash Corp on Thursday posted a quarterly profit more than doubled and easily outstripped expectations, as sales volumes more than quadrupled, offsetting lower prices for the crop nutrient. [ID:nN28198150]


Canada's No.1 oil production and refining company, posted a second-quarter profit on Thursday, up from a year-prior loss, helped by its acquisition of Petro-Canada and stronger energy prices. [ID:nSGE66S0AM]

Methanex mx.to

The world's largest producer of methanol posted a lower-than-expected quarterly profit, hurt by a lower price environment and a two-month outage at its Atlas plant in Trinidad. [ID:nSGE66S050]


Cenovus Energy on Thursday reported an 8 percent rise in quarterly profit, helped mainly by higher oil sands output, and said it was on track to meet its production and cash flow targets for the year. [ID:nSGE66S0GI]

Zarlink Semiconductor Inc zl.to

Zarlink Semiconductor posted a quarterly profit, helped by strong customer demand for its timing, line circuit and medical wireless products. [ID:nN28219442]

Imax Corp imx.to imax.o

The big-screen movie company on Thursday posted a five-fold increase in quarterly profit and raised its theatre system installation outlook by about 25 percent for the year. [ID:nSGE66S0JU]


RioCan Real Estate Investment Trust's quarterly result topped market expectations, helped by an increase in net operating income, and said it was considering a number of additional acquisitions in the United States and Canada. [ID:nSGE66R0LG]


Goldcorp on Wednesday reported a a second-quarter profit on Wednesday, as increased gold production and record bullion prices helped it overturn a year-ago loss. [ID:nN28205940]


Agnico-Eagle Mines said on Wednesday its second-quarter profit rose sharply, as gold production more than doubled and it benefited from higher gold, zinc, silver and copper prices. [ID:nN28267449]

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.

* Cequence Energy CQE.TO target price cut to $2.75 from $3.25; rating outperform at Raymond James

* Ithaca Energy IAE.V price target cut by $0.55 to $2.70; rating outperform at Macquarie

* Manulife Financial MFC.TO price target cut to $16 from $20; rating equal weight at Barclays

* Sun Life Financial (SLF.TO) raised to overweight from equal-weight at Barclays

* TMX Group (X.TO) price target cut to $30 from $31; rating neutral at Macquarie

($1=$1.03 Canadian)

Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Frank McGurty

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below