June 2 (Reuters) - Toronto’s main stock index could open higher on Wednesday, gaining ground after Tuesday’s 1.6 percent drop, even as prices of many commodities slipped on concerns about the outlook for the global economic recovery.
Wall Street is also poised for a slightly higher open, rebounding from previous session’s steep losses. [.N]
European shares fell, with BP (BP.L) leading the energy sector down, and with banks weaker on worries about the euro zone crisis.
Asian markets were also down with the Nikkei shedding more than a percent after Japan’s Prime Minister said he would resign, reflecting the view that the front runner to replace him, Finance Minister Naoto Kan, is seen as preferring a weaker yen.
Here is some news that could affect stock prices:
Bombardier Inc (BBDb.TO), the world’s No. 3 civil aircraft maker, on Wednesday reported a 3 percent drop in quarterly profit, but said business aircraft cancellations have substantially decreased. [ID:nSGE6510EC]
Oil prices slid below $72 a barrel on Wednesday and looked set to fall for a third straight session after a raft of negative data stoked concerns about the impact of the European debt crisis on the still fragile global fuel demand recovery. [O/R]
COPPER AT NEAR 2-WEEK LOW
Copper hit its lowest in almost two weeks on Wednesday as the dollar gained and investors sold off riskier assets on fears that eurozone’s persistent debt problems could derail its already fragile economic recovery. [MET/L]
Gold held above $1,220 an ounce in Europe on Wednesday, consolidating after the previous session’s gains, with a rise in risk aversion underpinning demand for the metal as a haven from risk. [GOL/]
The Canadian dollar firmed slightly against the U.S. dollar on Wednesday but was largely caught in a trading range as equity and commodity markets gave mixed signals, providing little reason for investors to make big bets either way. [CAD/]
Goldcorp Inc (G.TO) said on Wednesday it agreed to sell the San Dimas gold-silver mine in Mexico to Mala Noche Resources Corp MLA.V for $500 million. [ID:nSGE6510EE]
ATS Automation Tooling Systems Inc (ATA.TO) on Wednesday posted an 85 percent plunge in quarterly profit, hurt partly by an inventory write-off at its Photowatt division, and said it began a formal process to separate the unit. [ID:nSGE6510EA]
Logistics and management software and services provider Descartes Systems Group Inc (DSG.TO) (DSGX.O) on Wednesday posted a 91 percent fall in quarterly profit, hurt in part by higher expenses. [ID:nSGE6510ED]
Imperial Oil Ltd (IMO.TO), Canada’s No. 2 oil exploration and refining company, said on Tuesday a processing unit at 187,000 bpd Strathcona refinery in Edmonton, Alta, was taken down on Sunday on “operational issue.” [ID:nWNA2528]
PROTOX PROSTATE DRUG MEETS MID-STAGE GOAL
Protox Therapeutics Inc PRX.TO said on Wednesday its drug for treatment of prostate enlargement or benign prostatic hyperplasia reported positive mid-stage study results. [ID:nWNAB5482]
Porter Aviation Holdings Inc, an upstart regional challenger to Canada’s major airlines, said on Tuesday it was suspending plans for an initial public stock offering, the latest company to be burned by the equity market’s recent volatility. [ID:nN01131269]
Student Transportation Inc STB.TO said it would raise C$50 million ($47.6 million) from the sale of convertible debentures, the proceeds of which will be used for general corporate purposes. [ID:nSGE6500JU]
Breakwater Resources Ltd BWR.TO said it received approval from Chilean regulatory officials to reopen the Estatuas mine following completion of the investigation of the fatal accident that occurred on May 1. [ID:nSGE6500KB]
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.
* Anatolia Minerals Development Ltd ANO.TO price target raised to $6.10 from $5.30; rating outperform at Raymond James
* Bank of Nova Scotia (BNS.TO) price target raised to $59 from $58; rating buy at UBS
* Equinox Minerals Ltd EQN.TO rating raised to buy from neutral at UBS
* Westport Innovations Inc WPT.TO price target raised to $13 from $11; rating market weight at Thomas Weisel
$1=$1.05 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson