January 6, 2009 / 1:22 PM / in 9 years

CANADA STOCKS-Toronto index to open higher on energy shares

TORONTO, Jan 6 (Reuters) - Toronto’s main stock index is seen opening higher on Tuesday and adding to gains recorded in recent sessions as a rise in oil prices to a one-month high is likely to offer support to the resource-heavy index.

The S&P/TSX composite index .GSPTSE is coming off its fifth straight winning session, with the latest gain being powered by heavily weighted energy and financial shares.

Worries about the effects of Israel’s attacks on Gaza were the key driver behind the rise in oil prices in the previous session and appear likely to boost the broader index again.

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

OIL TOPS $50/BBL ON RUSSIA GAS, MIDEAST

Oil hit a one-month high above $50 a barrel on Tuesday as Israel’s incursion into Gaza and a dispute between Russia and Ukraine over natural gas heightened concern about supply disruptions. [ID:nSIN367919]

GOLD SLIPS 2 PCT AS U.S. DOLLAR STRENGTHENS

Gold slipped more than 2 percent in Europe on Tuesday, extending the previous session’s losses, as the dollar strengthened to a fresh three-week high against the euro, denting the metal’s appeal as a currency hedge. [ID:nL1449620]

ROYAL BANK OF CANADA ANNOUNCES PREFERRED SHARE ISSUE

Royal Bank of Canada (RY.TO) said on Tuesday it would offer C$200 million of non-cumulative preferred shares in a bid to maintain a strong capital ratio and cost effective capital structure. Net proceeds from the transaction will be used for general corporate purposes.

DAY4 ENERGY ANNOUNCES REDUCTION IN WORKFORCE

Day4 Energy Inc DFE.TO, which develops solar electric technology, said on Tuesday it would cut 95 jobs primarily at its Burnaby production facility and take a charge of about C$700,000 in 2009.

RESEARCH ROUNDUP:

Following is a summary of research actions on Canadian companies. For more, please see [RCH/CA]

* Genuity cuts price targets for Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO) and Royal Bank of Canada (RY.TO).

* Genuity raises price targets for Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO) and Toronto-Dominion Bank (TD.TO).

ECONOMIC DATA SLATE

The industrial product price index and raw materials price index for November are due out at 8:30 a.m. (1330 GMT). (Reporting by Frank Pingue; Editing by Tom Hals)

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