November 4, 2009 / 2:02 PM / 9 years ago

CANADA STOCKS-TSX set to rise on gold, oil; eye on Fed

 TORONTO, Nov 4 (Reuters) - Toronto’s main stock index could extend gains from the previous session as gold hit a record high above $1,095 per ounce on Wednesday.
 A firmer oil price is also likely to add support to the main index ahead of a key interest rate decision by the U.S. Federal Reserve.
 While interest rates are expected to be left steady, the greater interest is in the Federal Open Market Committee statement, which is expected to reaffirm current supportive policies for the economy, even as signs of recovery grow. For more see [ID:nFEDAHEAD].
 Market players also have a slew of corporate results to wade through on Wednesday, including big names such as two of the country’s biggest pipeline companies — TransCanada (TRP.TO) and Enbridge (ENB.TO).
 The S&P/TSX composite index .GSPTSE closed up 147.55 points, or 1.36 percent, at 11,025.90 on Tuesday, battling back from a drop of more than 1 percent earlier in the session.
 Here is some of the news that may affect the market.
 Gold hit record highs as U.S. dollar weakness added to momentum lent to the market by India’s purchase of 200 tonnes of gold from the IMF. Gold is now poised to target the psychological $1,100 an ounce level, dealers said. [GOL/]
 Oil rose above $80 a barrel, extending the previous session’s near 2 percent gain. [O/R]
 Fertilizer maker and agricultural products retailer Agrium Inc AGU.TO AGU.N reported a 93 percent slump in its third-quarter profit, largely due to lower prices and margins on crop nutrient sales. [ID:nN04540874]
 * See also: Terra rejects sweetened bid from rival CF [ID:nN04543202]
 Enbridge, Canada’s No. 2 pipeline company, reported a better-than expected third-quarter profit and raised its full-year adjusted earnings outlook on strength in its liquid pipelines and natural gas businesses. [ID:nN03514071]
 * TransCanada Q3 results [ID:nWNAB9938]
 * Torstar (TSb.TO) reports lower profit from continuing operations [ID:nWNAB9712]
 * Iamgold (IMG.TO) posts Q3 results, increases output outlook [ID:nWNAB9864]
 * WestJet (WJA.TO) reports Q3 results, sees rise in capacity in Q4 [ID:nWNAB9921]
 * Home Capital (HCG.TO) profit tops estimate, ups dividend [ID:nBNG176266]
 General Motors [GM.UL] reversed course late on Tuesday on its long-expected sale of European unit Opel to a group led by Canadian auto supplier Magna International MGa.TO. GM said it will present a restructuring plan, expected to include plant shutdowns and job losses, to European governments soon. [ID:nN03259172]
 Oil sands developer Opti Canada Inc OPC.TO said it may seek a buyer as part of a review of strategic alternatives with the pace of takeovers in the country’s energy sector picking up. The move comes as Opti tries to deal with its flagging share value as the price of oil strengthens but its main project struggles to produce reliably in its early months. [ID:nN03517095]
 The following is a selection of research actions on Canadian companies reported by Reuters on Wednesday. For more, please double click [RCH/CA]:
 * BMO raises Opti Canada to “outperform” from “market perform”
 * Canaccord Adams cuts price target on Research in Motion RIM.TO
 * RBC raises Catalyst Paper CTL.TO to “sector perform” from “underperform”  (Reporting by Ka Yan Ng; Editing by James Dalgleish)                                      

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