October 7, 2009 / 12:18 PM / 8 years ago

CANADA STOCKS-TSX could start higher as commodities rally

 TORONTO, Oct 7 (Reuters) - Toronto's main stock index could
open higher on Wednesday as the resource-heavy index may draw
support from record high gold prices and a move in oil prices
above $71 a barrel.
 With no domestic data due out to sway sentiment, the TSX
could build on sharp gains from the previous two sessions given
the strength in commodities and a more upbeat outlook on the
global economy.
 Part of the upbeat tone in equities is carrying over from
Tuesday, when the Reserve Bank of Australia raised its interest
rate, making it the first Group of 20 central bank to tighten
policy as the financial crisis abates. [ID:nSYD520296]
 The S&P/TSX composite index .GSPTSE finished on Tuesday
with a triple-digit gain for a second straight session, ending
up 145.35 points, or 1.3 percent, at 11,247.97.
 Here is some news that could affect the market:
 Suncor Energy said on Wednesday its oil sands production
during September averaged approximately 302,000 barrels per day
(bpd) and that it is targeting average oil sands production of
300,000 bpd in 2009 [ID:nWNAB6824]
 Yamana Gold said on Tuesday its third-quarter production
rose 9 percent from the previous quarter, while costs remained
in line with expectations. [ID:nN06440203]
 Magna International Inc said on Wednesday it got a contract
from Daimler DAIGn.DE to develop and supply aluminium bodies
for new SLS AMG model. [ID:nWEA4044]
 Air Canada plans to raise at least C$260.01 million ($245
million) through a share issue to increase its working capital,
the airline said on Tuesday. [ID:nN06442117]
 Oil prices rose for the third straight day on Wednesday,
edging above $71 a barrel after an industry report showed a
drawdown in U.S. crude inventories, boosting the view demand
was recovering. [O/L]
 Gold powered to a record high on Wednesday, topping the
previous day's gains, as dollar weakness and mounting worries
about potential inflation enticed more investors to the
precious metal. [GOL]
 Following is a summary of research actions on Canadian
companies reported by  Reuters on Thursday. For more, please
double click [RCH/CA]
 * Raymond James cuts Talisman Energy TLM.TO shares to
"outperform" rating from "strong buy"
 * Genuity raises Canadian Western Bank CWB.TO shares to
"buy" rating from "hold"
 (Reporting by Frank Pingue; Editing by Theodore d'Afflisio)

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