TORONTO, May 1 (Reuters) - Toronto’s main stock index could open higher on Friday given optimism that the economic slump is waning, but its move could be hampered by lower oil prices and as investors sift through a pile of corporate earnings.
The TSX, as it often does, could also feed off sentiment in the United States, where U.S. stock index futures were pointing to a higher open. [ID:nN01295235]
Investors have been encouraged by some better-than-expected first-quarter results in recent days that have added to hopes that companies are also starting to hit bottom.
The TSX has rallied for seven straight weeks and would need to gain at least 225 points in Friday’s session to extend that streak to eight consecutive weeks.
The S&P/TSX composite index .GSPTSE is coming off a drop of nearly 1 percent on Thursday as Chrysler’s bankruptcy filing weighed on the market’s mood and dragged the index from the five-month high reached earlier in the session.
The index rose 6.9 percent in April on the heels of a 7.4 percent gain in March.
Here is some of the news that may affect the index:
Cameco Corp (CCO.TO) said on Friday that first-quarter profit fell 38 percent on weak performances in its gold and uranium units. [ID:nN01290185]
Brookfield Properties Corp BPO.TO reported lower-than-expected first-quarter funds from operations but net income soared 65 percent on lower expenses. [ID:nBNG270258]
Oil fell below $51 a barrel on Friday as investor caution over auto maker Chrysler’s bankruptcy filing tempered a growing sense of optimism over the world economy. [ID:nSP378801]
Gold edged lower in Europe on Friday as a recovery in risk appetite illustrated by the firmer tone to stocks dented the metal’s safe haven appeal, with trading thinned by May Day holidays across Europe and Asia. [ID:nL1438859]
Following is a list of research on Canadian-listed companies. For more, please see [RCH/CA].
* Goldman upgrades Suncor Energy (SU.TO) shares to “buy” rating from “sell.”
* Goldman raises Petro-Canada PCA.TO to “buy” rating from “sell”
* Canaccord Adams cuts Copper Mountain Mining CUM.TO to “hold” rating from “speculative buy” and lowers prices target 11.7 percent to 75 Canadian cents from 85 Canadian cents.
* Raymond James ups Cirrus Energy Corp CYR.V price target 7.5 percent to C$2.15 from C$2 with “outperform” rating.
$1=$1.19 Canadian Reporting by Frank Pingue, Editing by Chizu Nomiyama