April 1, 2009 / 12:21 PM / 10 years ago

CANADA STOCKS-TSX may pull back at open as oil retreats

TORONTO, April 1 (Reuters) - Toronto’s main stock index may fall at the open on Wednesday as commodity prices weaken and as markets were focused on the meeting of the Group of 20 rich and emerging nations in Britain to tackle the global crisis.

World stocks were mixed as investors were looking to the G20 meeting for more confirmation there will be coordinated efforts to ward off a deeper slump in economic growth. For more see [ID:nL1180260].

U.S. stock index futures signaled a lower open with General Motors Corp (GM.N) in focus on reports it may be headed for a “controlled” bankruptcy. [ID:nL1935990]

On Tuesday, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 124.17 points, or 1.44 percent, to close at 8,720.39. At one point in the session it was up 2.15 percent.

Here is some news that could affect the market:


Research In Motion RIMM.O has launched an online store selling entertainment, games, news, and travel applications to its BlackBerry users. [ID:nL1124732]


Air Canada shares sank 22 percent on Tuesday as analysts speculated that the resignation of its CEO and the naming of a replacement known for his restructuring expertise may signal the airline’s second filing for creditor protection in six years. [ID:nBNG455095]


The Canadian Auto Workers union said on Tuesday it will not reopen its recent concession agreement with General Motors of Canada (GM.N) but it would be willing to look at alternative measures to help reduce the burden of the company’s “legacy costs”. [ID:nN31408478]


AbitibiBowater Inc ABH.N updates overall restructuring plans and says it is evaluating alternative restructuring options with lenders and debt holders. [ID:nWNAB9541]


Canadian-based mining company Ivanhoe Mines Ltd IVN.N posted a narrower quarterly loss helped by lower expenses. [ID:nBNG485050]


Canaccord Capital Inc said it is extending its cost reduction program to include measures like consolidation of back office support and deferring of certain rewards programs.

The company also said it was cutting 75 investment advisors from its private client services group in an effort to prioritize its clients and recruit investment advisors with larger books of business. [ID:nBNG485731]


Oil CLc1 fell more than 3 percent to just above $48 a barrel on Wednesday, pressured by bearish economic news and the prospect of a further rise in U.S. crude inventories, which are already at their highest since 1993. [ID:nSP451675]


Gold was steady in Europe on Wednesday as traders awaited direction from this week’s G20 summit in London, with the firmer dollar versus the euro curbing interest in the precious metal. [ID:nL1387732] Base metals were lower. [ID:nL1373257]


Genuity raises Lundin Mining (LUN.TO) price target to C$2.30 from C$1.40, cuts Brookfield Properties BPO.TO price target to C$8.50 from C$9.50. [ID:nBNG166173] For more research, see: [CA-RCH] ($1=$1.27 Canadian) (Reporting by Jennifer Kwan; Editing by James Dalgleish)

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