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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 (SU.TO)
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 INC (YRI.TO)
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 ACa.TO
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 HITS RECORD HIGH
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)