TORONTO, Feb 3 (Reuters) - Toronto’s main stock index may head higher on Wednesday, adding to two straight sessions of gains, as commodity prices firmed and hopes mount that the global economy will gain momentum.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose on Tuesday, up 0.8 percent at 11,408.34, as U.S. corporate results and economic data boosted optimism about the strength of the recovery.
Here is some of the news that may affect the market.
Enbridge Inc (ENB.TO), Canada’s No. 2 pipeline company, said its fourth-quarter profit rose, driven mainly by stronger results from its liquids pipelines business. [ID:nN02111743]
Imperial Oil (IMO.TO) fourth-quarter profit fell a worse-than-expected 19 percent as weak refining margins weighed on the bottom line, Canada’s No. 2 oil producer and refiner said. [ID:nN02120074]
Gold prices rose 1 percent in Europe, while oil touched a two-week high above $78 a barrel. [GOL/] [O/R]
* See also: INTERVIEW: China favoring Australia, Canada mining sectors [ID:nLDE6120J6]
* See also: Xstrata Sudbury workers ratify 3-year deal [ID:nN02101067]
Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. [RCH/CA]
* Goldman Sachs added Canadian Natural Resources (CNQ.TO), the country’s biggest independent oil explorer, to conviction buy list. [ID:nSGE6120GM]
* Goldman Sachs removes Suncor Energy (SU.TO) from Americas “conviction buy” list, keeps “buy” rating; RBC and Barclays cut price target
* UBS cuts price targets on 8 Canadian gold producers [ID:nWNAB2180]
Canadian biotechnology company Labopharm Inc DDS.TO said that the U.S. Food and Drug Administration approved its once-daily antidepressant, clearing the way for its launch on the market later this year. [ID:nN03136396]
The Institute for Supply Management releases its January non-manufacturing index at 10 a.m. (1500 GMT). Economists look for a reading of 51.0, indicating an expansion in the services sector, versus 49.8 in December. ECON
No major Canadian data until Friday when jobs data for January will be published. [ID:nN01230910] ECONCA
Earlier, a closely-watched survey showed the euro zone’s dominant service sector expanded at a slower pace in January than in the previous month but that firms had grown more optimistic about the year ahead. [ID:nLDE6120D5] (Reporting by Ka Yan Ng; Editing by Theodore d’Afflisio)