June 3, 2009 / 12:48 PM / 10 years ago

CANADA STOCKS-TSX may open lower as commodities sag

TORONTO, June 3 (Reuters) - Toronto’s main stock index could open slightly lower on Wednesday as a dip in oil prices puts downward pressure on the resource-laden index, and Toronto follows world stocks lower after recent gains.

European stocks fell and Wall Street was set for a weaker start on Wednesday as investors turned cautious after a recent run-up on optimism the global economy is recovery. [MKTS/GLOB]

On Tuesday, the S&P/TSX composite index .GSPTSE closed down 15.27 points, or 0.14 percent, at 10,588.79.

Here is some news that could affect the market:


Bombardier Inc reported a 31 percent drop in quarterly profit on Wednesday and said cancellations in business aircraft have outpaced the level of new orders. [ID:nBNG426045]


Toronto-Dominion Bank is looking into allegations that a handful of traders improperly passed on rumors to clients about a stock believed to be Canadian oil sands company OPTI Canada OPC.TO, the Globe and Mail newspaper said on Wednesday. [ID:nN03543529]


Agricultural products retailer and fertilizer maker Agrium Inc AGU.TO reaffirmed its offer to buy U.S. rival CF Industries (CF.N) on Wednesday, in a bid to grow the size of its fertilizer business and expand its distribution network. [ID:nN03495472]


Canadian auto supplier Magna International aims to close a deal with General Motors Corp (GM.N) over its Opel unit in September, Magna’s co-Chief Executive Siegfried Wolf said Wednesday. [ID:nL3521811]


Tembec Inc announces curtailment of Pine Falls, Manitoba, newsprint operations and says shutdown will be for a minimum of three weeks from June 16. The company says the shutdown will affect about 300 employees and all levels of the newsprint and forestry operations. [ID:nWEN9970]


The price of oil dropped to below $68 a barrel after a seven-day rally ahead of weekly U.S. inventory data and as investors grew more cautious ahead of the $70 mark. [ID:nSP477138]


Gold slipped on Wednesday, paring early gains, as the dollar recovered lost ground versus the euro, denting interest in the metal as a hedge against weakness in the U.S. currency. [ID:nL3734926] Base metals were mixed. [ID:nL3460063]


HSBC cut First Quantum Minerals (FM.TO) to underweight from neutral on valuation, but raised its target price to C$47.50 from C$33. [ID:nWNAB6140]

RBC raised Barrick Gold (ABX.TO) to outperform from sector perform.

UBS cut Alimentation Couche Tard (ATDb.TO) price target to C$14 from C$14.50. For more research, see: [CA-RCH] ($1=$1.09 Canadian) (Reporting by Jennifer Kwan; Editing by Padraic Cassidy)

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