TORONTO, Jan 7 (Reuters) - Toronto’s main stock index could open lower on Thursday, hurt by a decline in oil and gold prices, which had boosted shares of producers in recent sessions.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE may also follow sagging world stock indices as investors stepped back to await key U.S. economic data at the end of the week. U.S. stock futures also pointed to a lower start ahead of an expected rise in initial jobless claims.
Here is some news that could affect the market:
Gold prices eased in Europe on Thursday as the dollar rose against the euro, with investors taking profits in commodities and higher-yielding currencies after their recent gains.
Spot gold XAU= was at $1,130.65 an ounce at 1035 GMT, against $1,137.90 late on Wednesday. [GOL/]
Oil slipped below $83 a barrel on Thursday, pulling back from a 15-month high a day earlier, as signs of tighter monetary policy in China sparked concerns about demand in the engine room of commodity consumption growth. [O/R]
Fertilizer producer Mosaic Co (MOS.N) said on Wednesday it expects shipments of potash to increase in 2010 following dismal demand for the crop nutrient in 2009. [ID:nLDE60601B]
Canada’s Goldcorp Inc (G.TO) said on Thursday it will acquire mining giant Xstrata’s XTA.L 70 percent stake in the El Morro gold project in Chile, through a deal with New Gold Inc (NGD.TO), Xstrata’s partner in the project. [ID:nN07183045]
Canadian mining company Alamos Gold Inc (AGI.TO) said its fourth-quarter gold production rose about 22 percent, as the company benefited from increased recoveries and a lower waste-to-ore ratio. [nSGE6060GR]
Coalcorp Mining Inc CCJ.TO, which has been struggling to repay debt, said on Thursday it agreed to sell its La Francia mine in Colombia and related assets to a Goldman Sachs Group (GS.N) unit in a deal worth $200 million. [ID:nSGE6060ED]
CANADA‘S RESEARCH ROUNDUP
Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. [RCH/CA]
* Scotia raises Teck Resources TCKb.TO price target to C$43.75 from C$43
* Desjardins relaunches coverage of Cameco Corp (CCO.TO) with Buy rating
* Scotia resumes coverage of Centerra Gold Inc (CG.TO) with Sector Outperform rating
$1=$1.03 Canadian Reporting by Claire Sibonney; Editing by Jeffrey Hodgson