TORONTO, March 2 (Reuters) - Canada’s main stock market index may open higher on Tuesday as strong quarterly results from Bank of Montreal (BMO.TO) shine the spotlight on the heavily weighted financial sector and gold rises.
But the gains could be tempered as base metal prices slip, led by copper, as worries about supplies from top producer Chile eased.
Investors will also take time to digest the Bank of Canada’s latest interest rate decision set to be announced before the markets open.
All 12 primary securities dealers surveyed by Reuters expect the Bank of Canada to maintain its overnight target rate at its current 0.25 percent. [ID:nN25112645] CABOCR=ECI
Toronto’s main stock index closed higher on Monday as industrial and bank shares were boosted by strong North American economic data and mining stocks benefited from surging copper prices resulting from Chile’s massive earthquake.[ID:nN01113144]
Here is some of the news that may affect the market.
Bank of Montreal (BMO.TO) said on Tuesday its quarterly profit surged in the first quarter as domestic banking income climbed 28 percent and loan losses fell, overshadowing weak U.S. results.[ID:nN02136197]
Gold prices rose above $1,120 an ounce on Tuesday as persistent worries about Greece’s fiscal health and instability in the currency markets lent some safe-haven support, but strength in the dollar capped gains. [ID:nLDE62119T]
Copper slipped on Tuesday as worries about supplies from top producer Chile eased and the market started to fret about poor demand prospects in major world economies such as the United States.[ID:nLDE6210UB]
Oil gained over 70 cents to top $79 on Tuesday, reversing earlier losses in choppy trading that reflected dollar moves in the absence of any clear fundamental momentum to spring out of a well-established range.[ID:nSGE62105E]
Canada’s GMP Capital Inc (GMP.TO) posted a fourth-quarter profit that handily beat analysts’ expectations, helped by improvement in capital markets and alternative investment segments.[ID:nSGE6210G1]
Canadian steel and plastic distributor Samuel Manu-Tech Inc SMT.TO posted a wider-than-expected fourth-quarter loss, hurt by lower selling prices and inventory write-downs. [ID:nSGE6200HF]
Internet casino and branded gaming software company CryptoLogic Ltd CRY.TO on Tuesday reported a narrower quarterly loss, helped by lower expenses.[ID:nSGE6210G5]
Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. [RCH/CA]
* Macquarie raises Thompson Creek Metals Co TCM.TO price target to C$17 from C$15.50; Rating Neutral
* Raymond James raises Calloway REIT CWT_u.TO target price to C$21 from C$19.50; Keeps Market Perform rating ($1=$1.04 Canadian) (Reporting by Scott Anderson; Editing by Theodore d‘Afflisio)