TORONTO, June 8 (Reuters) - Canada’s main stock market index could open lower on Monday as weaker oil and gold prices and a firmer U.S. dollar weigh on the resource-heavy market.
The market could also follow its European counterparts down as weak commodity prices prompted investors to take profit on surging mining shares.
Toronto’s main stock index shrugged off weak Canadian jobs data and closed higher on Friday, posting its third straight week of gains, as energy and financial issues rose. The S&P/TSX composite index .GSPTSE ended up 0.9 percent at 10,569.29. For the week the TSX rose 1.9 percent.
Here is some news that could affect the market:
Oil fell by $1 toward $67 a barrel on Monday as a stronger dollar prompted a retreat from a seven-month high above $70 hit last week.[nSP162458]
Gold fell in Europe on Monday, extending the previous session’s 2 percent losses, as the firmer dollar reduced the precious metal’s appeal as an alternative asset and oil prices declined. [nL8455441]
Aluminum gained on Monday, as a rise in material tagged for delivery helped offset yet another record high in stocks, but copper fell in sympathy with equities, as economic and demand concerns persisted across markets. [nL8519850]
The dollar rose against a basket of currencies on Monday, extending sharp gains made late last week as U.S. Treasury yields rose to seven-month highs after key jobs data, prompting demand for the U.S. currency. [nL8434535]
Air Canada’s ACa.TO parent company ACE Aviation Holdings Inc ACEa.TO said on Monday that the troubled airline would survive. [nSP488908]
Following is a summary of research actions on Canadian companies reported by Reuters on Monday. For more, see [RCH/CA]
*Raymond James cuts SNC-Lavalin (SNC.TO) to Market Perform from Outperform, raises price target to C$44 from C$42
*UBS raises Centerra Gold (CG.TO) price target to C$9.75 from C$9.00; Rating Buy ($1=$1.12 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama)