December 22, 2010 / 1:41 PM / 7 years ago

CANADA STOCKS- TSX may open higher as oil, commodities rise

3 Min Read

Dec 22 (Reuters) - Toronto's main stock index could open slightly higher on Wednesday, supported by higher oil, gold and copper prices.

Factors to Watch

* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures were little changed after fours days of gains drove the S&P 500 to new highs near levels reached just before Lehman Brothers went bankrupt two years ago. [.N]

* European shares edged up. ARM Holdings ARM.L led gains in technology shares on reports Microsoft (MSFT.O) plans to unveil software that runs on its processors.

* Asian stocks were mixed with Japan's Nikkei dipping as downbeat comments by the prime minister on the economy prompted investors to adjust positions around new levels.

Commodity Price Moves

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.01 percent in early trade.

* Oil prices rose to their highest over the past two years supported by data showing a drop in U.S. oil and gasoline inventories, cold weather and a weaker dollar. [O/R]

* Gold firmed in Europe as the dollar retreated and as warnings from credit rating agencies on some euro zone economies boosted haven demand for the metal. [GOL/]

* Copper steadied near record highs, underpinned by with a weaker dollar and concerns about supply tightness underpinning prices of the industrial metal. [MET/L]

Canadian Stocks to Watch

* Enbridge Inc. (ENB.TO): The company said on Monday it is rationing capacity again on its huge oil pipeline system, extending restrictions that have backed up supplies in Western Canada and pressured prices for the country's crude. [ID:nN21256815]

* Sears Canada Inc. SCC.TO: The retailer on Tuesday named Sharon Driscoll as its new CFO to replace Allen Ravas, who is returning to the company to work at a California subsidiary.[ID:nN21278132]

* Breakwater Resources BWR.TO: The copper and zinc producer on Monday said it finalized a new contract for workers at the Mochito mine in Honduras, almost three months after the previous contract expired.[ID:nSGE6BK0BB]

($1= $1.01 Canadian)

Reporting by Kishan Nair and Bangalore Newsroom

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