June 8 (Reuters) - Toronto’s resource-heavy index could open higher on Tuesday as gold hit a record high and equity futures pointed to a stronger start.
Wall Street also looked set to open slightly higher after Fed Chairman Ben Bernanke said the U.S. economy appeared to have enough momentum to avoid a double-dip recession, citing strengthening consumer and business spending. [.N]
European shares were down after Germany said it plans to impose a tax on nuclear fuel. Most Asian markets closed higher as traders paused a sell-off of riskier assets.
Here is some news that could affect stock prices:
Oil hovered around $71 a barrel on Tuesday as concerns about the euro zone crisis subdued optimism over U.S. demand, ahead of data expected to show a fall in crude stocks in the world’s largest fuel user. [O/R]
Copper steadied on Tuesday not far off recent eight-month lows, as gains in the wider financial markets lent support but sentiment remained fragile given concerns that the pace of global recovery might slow. [MET/L]
Gold hit a record dollar high above $1,250 an ounce and new peaks in other currencies on Tuesday as concern over Europe’s economic outlook lifted risk aversion, reversing early gains for the euro and stock markets. [GOL/]
CASEY‘S SEEKS REJECTION OF COUCHE-TARD BID
U.S. convenience store Casey’s General Stores Inc CASY.O on Tuesday asked its shareholders to reject the $1.9 billion hostile bid from its Canadian rival, Alimentation Couche-Tard Inc ATDb.TO. [ID:nSGE65706C]
TransAlta Corp TA.TO said on Monday that a unit at its largest electricity generating station, the Sundance plant in Alberta, suffered a mechanical failure that will force it to run at reduced capacity for as long as two years. [ID:nN07217456]
TSO3 Inc TOS.TO said Tuesday the U.S. health regulators asked it to resubmit application for approval of its Sterizone 125L+ Sterilizer, a move that may delay the clearance for the device. [ID:nSGE6570E3]
Neo Material Technologies Inc NEM.TO, a maker of magnetic powders and materials, said it signed a letter of intent with a unit of Molycorp Inc to manufacture, supply and distribute rare earth products. [ID:nSGE6570FH]
Aecon Group Inc ARE.TO on Monday entered into a $1.7 billion joint-venture agreement with Peter Kiewit Sons Co for the construction of the Lower Mattagami Hydroelectric Complex, about 70 km northeast of Kapuskasing.
Quaterra Resources QTA.V is scouting for a joint-venture partner to help develop its Herbert Glacier gold project in Alaska, the chief executive of the Canadian exploration company said on Monday. [ID:nN0496305]
Canada will soon release a consultation paper outlining ways to increase foreign investment in the telecom sector, Industry Minister Tony Clement said on Monday, a move that may loosen the grip of the industry’s big, established operators. [ID:nN07189359]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.
* Calfrac Well Services CFW.TO price target raised to $29 from $26.50; outperform rating at National Bank.
* Northland Power Income Fund NPI_u.TO price target raised to $14.50 from $13.50; outperform rating at Macquarie.
* Premier Gold Mines PG.TO price target raised to $6.75 from $5.75; outperform rating at RBC.
$1=$1.05 Canadian Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson