October 6, 2009 / 12:30 PM / 9 years ago

CANADA STOCKS-TSX may get boost at open from commodity rally

 TORONTO, Oct 6 (Reuters) - Toronto’s main stock index could open higher on Tuesday as the resource-heavy index may draw support from the rally in prices for gold and oil.
 Investors may also continue to snap up recently beaten-down shares after the TSX shed 4.3 percent in the two weeks leading into Monday’s session.
 The S&P/TSX composite index .GSPTSE rose 144.29 points, or 1.32 percent, to 11,102.62 on Monday.
 Here is some news that could affect the market:
 Mongolia finally wrapped up a deal on Tuesday to develop one of the world’s biggest untapped copper and gold deposits, signing off on Rio Tinto (RIO.AX) (RIO.L) and Ivanhoe Mines’ $3 billion Oyu Tolgoi mine. [ID:nSP495396]
 Acadia Pharmaceuticals Inc (ACAD.O) and its partner Biovail Corp decided to conduct a third late-stage trial for pimavanserin, their experimental drug for psychosis related to Parkinson’s disease that failed in a late-stage trial last month, the companies said. [ID:nBNG167642]
 Canadian telecommunications company BCE Inc on Tuesday confirmed that it has reached an agreement with Apple Inc (AAPL.O) to bring the iPhone 3G and iPhone 3GS to Canada this November. [ID:N05392850]
 Canadian pharmacy chain Jean Coutu reported a quarterly profit on Tuesday as retail sales increased significantly in spite of current economic conditions. [ID:nN06414094]
 Canadian biotechnology company Theratechnologies Inc reported a surprise quarterly profit, helped by a milestone payment. [ID:nBNG469265]
 Oil prices rose more than $1 to above $71 a barrel on Tuesday, helped by a fall in the dollar after a report, later denied, that Gulf Arab states were in talks to replace the U.S. dollar with a basket of currencies in oil trading. [O/L]
 Gold rallied to an 18-month high on Tuesday as a report that Gulf Arab states were considering pricing oil in a currency other than the dollar knocked the U.S. unit, boosting interest in the metal as an alternative asset. [GOL/]
 Following is a summary of research actions on Canadian companies reported by  Reuters on Thursday. For more, please double click [RCH/CA]
 * Macquarie raises Canadian Hydro Developers KHD.TO price target by 9.4 percent to C$5.25 from C$4.80.
 * Genuity raises Equinox Minerals EQN.TO price target 8.8 percent to C$3.70 from C$3.40.
 * Macquarie cuts Pengrowth Energy Trust PGF_u.TO rating to “neutral” from “outperform.”
 ($1=$1.06 Canadian)  (Reporting by Frank Pingue, Editing by Chizu Nomiyama)                                      

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