June 2, 2009 / 12:30 PM / 10 years ago

CANADA STOCKS-TSX could open lower after rally; oil eases

TORONTO, June 2 (Reuters) - Toronto’s main stock index could open flat to slightly lower on Tuesday, as the price of oil retreated from a sharp rally and investors locked in some profits following a 2 percent climb in the previous session.

World stocks .MIWD00000PUS ticked up on Tuesday, recovering earlier losses, while U.S. stock index futures pointed to a flat open as investors awaited key housing data. For details see [ID:nN02498447]

On Monday, the S&P/TSX composite index .GSPTSE closed 233.99 points, or 2.26 percent, higher at 10,604.06. The resource-laden Toronto is up about 40 percent since hitting a five-year low in March, with the latest charge fueled by a more than 2 percent gain in oil prices, which rose on expectations of global economic recovery.

Here is some news that could affect the market:


Oil CLc1 fell below $68 a barrel on Tuesday as prices slipped after touching a seven-month high in the previous day on a rally in equities. [ID:nSIN357259]


Gold edged higher in Europe on Tuesday, recovering from earlier losses, as dealers remained wary about the outlook for the dollar which hit its lowest level this year in the last session. [ID:nL2441397]


Copper retreated on Tuesday as the dollar edged up, but held near a 7-1/2 month high it hit earlier in the day in the wake of recent stronger economic data. [ID:nL2438098]


Canada would have risked catastrophe if it failed to help General Motors Corp (GM.N), even though the cost of the rescue package accounts for the biggest part of a huge increase in the federal deficit this year, Prime Minister Stephen Harper said on Monday. [ID:nN01160587]

Canada and the Ontario provincial government are providing $9.5 billion to GM, and taking 11.7 percent of the common shares of the new company.


Consolidated Thompson Iron Mines Ltd CLM.TO expects to sign definitive agreements for $240 million strategic investment from Wuhan Iron and Steel group by June 5. [ID:nWNAB5289]


Goldcorp Inc (G.TO) announces pricing of $750 million offering of convertible senior notes and said it granted initial purchasers a 30-day option to purchase up to an additional $112.5 million principal amount of the notes. [ID:nWEN9875] [ID:nN01449697]


Giant-screen movie theater company IMAX Corp IMX.TO IMAX.O said its public offering of 9.8 million common shares has been priced at $7.15 a share, with gross proceeds expected to be $70.1 million. [ID:nBNG205196]


Sticking to the basics, focusing on a single strategy and staying out of businesses that you can’t figure out is the advice Toronto-Dominion Bank’s (TD.TO) Ed Clark offers during an interview with Reuters on Monday. [ID:nN01483823]


RBC cuts Saputo (SAP.TO) price target to C$26 from C$27. [CA-RCH]

Raymond James cuts Uranium One Inc UUU.TO price target to C$1.80 from C$2.80. [ID:nBNG480880] ($1=$1.08 Canadian) (Reporting by Jennifer Kwan; Editing by Theodore d’Afflisio)

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