January 6, 2010 / 1:24 PM / 9 years ago

CANADA STOCKS-TSX may open lower on oil, profit taking

TORONTO, Jan 6 (Reuters) - The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE may open lower on Wednesday as weak U.S. crude oil prices and profit-taking threatened to end the index’s four days of gains, but firm gold prices could limit the losses.

Investors will also take time to digest key U.S. figures including U.S. ADP employment data and ISM Non-manufacturing index.

Toronto’s main stock index ended at a 15-month high on Tuesday, led by a rally in shares of Potash Corp of Saskatchewan POT.TO after the big fertilizer company was upgraded to “outperform.”

Here is some of the news that could affect the market:


Oil remained below $82 a barrel on Wednesday after unexpectedly bearish U.S. inventory data on Tuesday, ending a 9-day rally that saw U.S. crude futures rise 14 percent on a mix of cold weather and geopolitical jitters.[nSGE60509L]


Gold prices climbed in Europe on Wednesday as fresh New Year investment flows boosted commodities, with technical indicators pointing to the prospect of further gains. [nLDE6050MX]


Canadian Prime Minister Stephen Harper said on Tuesday he was much more optimistic economically about 2010 but he would not be satisfied until the jobless rate starts to come down. [nN05122760]


Fertilizer producer Mosaic Co (MOS.N) posted slightly lower-than-expected quarterly earnings on Tuesday, hurt by currency losses, and said steady improvements in the global economy would revive the agricultural markets. [nN05253144]


Canadian year-over-year auto sales rose for the first time in 13 months in December, climbing 17.8 percent from the depressed levels of a year earlier.[nN05105893]


NovaGold Resources (NG.TO) expects to soon release a new mine plan for its Galore Creek copper-gold joint venture in British Columbia and may take a more aggressive approach with the project this year, it said on Tuesday. [nN05195729]


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

* JP Morgan raises Bombardier Inc (BBDb.TO) to Overweight from Neutral

* Wells Fargo Securities raises Magna International (MGA.N) to Outperform from Market Perform

* Barclays raises Talisman Energy Inc TLM.TO price target to C$23 from C$21; Rating Overweight

$1=$1.04 Canadian Reporting by Scott Anderson and Claire Sibonney

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