July 6, 2010 / 12:57 PM / in 7 years

CANADA STOCKS-TSX set to open stronger as commodities rise

July 6 (Reuters) - Toronto’s main stock index could open higher on Tuesday, helped by commodity gains, including a rebound in oil prices after several days of declines and a strong performance by metals.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE hit its lowest intraday level since Feb. 5 on Monday and ended the session at 11,092.50, its weakest close this year.

But Canadian equity futures pointed to a stronger start on Tuesday. <0#SXF:>

Wall Street is also poised for a higher open ahead of ISM non-manufacturing report and employment index data, which should offer further clues to the state of the U.S. economy. [.N]

European shares rallied, which strategists said was due to stocks becoming cheap after a period of weakness.

Asian markets also rose with the Shanghai Composite Index ending 1.9 percent higher, its biggest percentage gain in two weeks.

Here is some news that could affect stock prices:

OIL GAINS AFTER LONG DECLINE

Oil prices changed direction on Tuesday after several days of declines and rose to near $73 a barrel as rallying equities boosted expectations for the pace of global fuel demand growth. [O/R]

COPPER HITS ONE-WEEK HIGH

Copper rose to a one-week high on Tuesday alongside equities, but the mood was cautious as the market fretted about Europe’s banking sector and sought clues on demand. [MET/L]

GOLD

Gold rose back above $1,210 an ounce in Europe on Tuesday as physical demand for the precious metal recovered after last week’s price dip, and as the weaker dollar encouraged some buying. [GOL/]

C$ CLIMBS AGAINST GREENBACK

The Canadian dollar rose against its U.S. counterpart on Tuesday in a broad rally of riskier assets that boosted global stocks and commodity prices. [CAD/]

JEAN COUTU PROFIT UP

Jean Coutu Group PJCa.TO posted a fiscal first-quarter profit on Tuesday, helped by increased same-store sales and the opening of new stores during the quarter. [ID:nN05207138]

AGRIUM COMPLETES ARGENTINA ACQUISITION

Fertilizer maker Agrium Inc AGU.TO said Tuesday it completed the acquisition of 24 retail farm centres in Argentina from DuPont Crop Protection to expand retail footprint in that country.

BROOKFIELD EYES BIGGER STAKE IN CANARY WHARF

Real estate investor Brookfield Asset Management BAMa.TO has no plans to sell its stake in London’s Canary Wharf and instead is looking to up its exposure to the fast-growing financial hub, its European chairman said on Tuesday. [ID:nLDE66403M]

BIOEXX TO CUT JOBS

Bioexx Specialty Proteins Ltd BXI.TO said Tuesday it plans to reduce workforce by 75 percent by the end of next week and has already eliminated the night shift.

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Westport Innovations Inc WPT.TO raised to $13.75 from $13; rating hold at Canaccord Genuity

* Nuloch Resources Inc NLRa.V started with outperform at Raymond James; target $2

* Transglobe TGL.TO raised to top pick from buy at Salman Partners

* Uranium Participation Corp U.TO cut to $7.10 from $7.70; rating top pick at Salman Partners

$1=$1.063 Canadian Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson

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