August 5, 2009 / 12:42 PM / in 8 years

CANADA STOCKS-TSX may open flat as weak oil offsets firm metals

TORONTO, August 5 (Reuters) - Toronto’s main stock market index could open little changed on Wednesday, as sliding oil prices weigh on the resource-heavy index while higher metal prices temper any decline.

A rally in global equities paused overnight, while the U.S. dollar hovered near its 2009 lows with two major central banks holding policy meetings. [ID:nL5145126]

U.S. stock futures were little changed before key reports on the labor market, factory orders and the vast services sector. [ID:nN05209746]

On Tuesday the S&P/TSX composite index .GSPTSE closed up 230.95 points, or 2.14 percent, at 11,018.10.

Here is some news that could affect the market:

BARRICK GOLD (ABX.TO)

Barrick Gold Corp, the world’s largest gold miner, said on Wednesday it is eyeing global M&A opportunities and will consider assets that include copper. [ID:nSHA349047]

COALCORP MINING INC CCJ.TO

Canada’s Coalcorp Mining Inc started a strategic alternatives review, including a possible sale of its La Francia mine, saying the current market value of the company did not reflect the value of its assets. [ID:nBNG524154]

MAGNA MGa.TO

General Motors and Magna have narrowed their differences in talks over the Canadian supplier’s bid for carmaker Opel, the economy minister of one of the German states that house Opel plants told Reuters on Wednesday. [ID:nL5306712]

AIR CANADA ACa.TO

Air Canada, in the short term, plans to cut costs beyond the originally targeted C$250 million ($233.2 million), its chief executive, Calin Rovinescu, told Toronto’s Globe and Mail in an interview.

PETROBANK PBG.TO

Petrobank’s Canadian unit will combine with TriStar Oil & Gas (TOG.TO) to form new oil production company. [ID:nWNBB9103]

PRIME MINISTER

The worst of the recession is over for Canada but the government is not declaring victory yet, and the jobless rate will continue to increase, Prime Minister Stephen Harper said on Tuesday. [ID:nN04274970]

OIL

Oil eased below $71 a barrel on Wednesday after inventory data showed a rise in United States fuel stocks, adding to doubts about demand from the world’s biggest energy consumer. [ID:nSP536030]

GOLD, BASE METALS

Gold held near $965 an ounce in Europe on Wednesday, supported by the softer dollar, but gains were limited by weakness in underlying demand for the metal. [ID:nL5182069] Base metals were higher. [ID:nL5212940]

CANADA RESEARCH

* Macquarie raises Canaccord Capital CCI.TO price target to C$8 from C$7.50; rating neutral.[ID:nBNG541375]

For more research, please see: [CA-RCH]

$1=$1.07 Canadian Reporting by Nina Lex;

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