TORONTO, Dec 9 (Reuters) - Toronto’s main stock market index could halt a four-session losing streak on Wednesday as strong gold and energy prices looked ready to underpin the resource-heavy index.
A lower U.S. dollar .DXY could also help prop up the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE as investors shift focus to resource plays.
The Toronto index slid to its lowest level in more than a week Tuesday on a drop in commodity prices and shares of Bank of Nova Scotia (BNS.TO) added pressure after it missed profit expectations. For details, see[ID:nN08213633]
Below is some news that could affect the market:
Gold rose nearly 1 percent in Europe on Wednesday, recovering from three-week lows in the previous session, as the dollar weakened against the euro on concerns that selling in the single currency had been overdone.[ID:nGEE5B80UE]
U.S. crude oil CLc1 rose more than 1 percent a barrel Wednesday after several days of declines, as industry data showed a big drop in U.S. crude stocks and on a weaker U.S. dollar. [ID:nSP59369]
Canada’s EnCana Corp (ECA.TO) said Wednesday it will renew its stock buyback program. The energy producer plans to repurchase and cancel up to 37.5 million, or 5 percent of its common shares. [ID:nN09155500]
Canada’s First Quantum Minerals Ltd (FM.TO) will buy BHP Billiton Ltd’s (BHP.AX) closed Ravensthorpe nickel mine for $340 million, paving the way to revive production that could add nearly 3 percent to world supply. [ID:nSYD519009]
Husky Energy Inc (HSE.TO), Canada’s No. 3 integrated oil company, said Tuesday it tapped into another big gas field off China’s coast similar to its massive Liwan discovery in 2006, one of the biggest-ever gas finds off the country’s shore.[ID:nN08216430]
Vector Aerospace Corp RNO.TO, a Canadian aviation repair and overhaul company, is looking for acquisitions and plans to expand its share of a market expected to be flat next year, its chief executive said Tuesday.[ID:nN08214459]
Following is a summary of research actions on Canadian companies reported by Reuters Wednesday. [RCH/CA]
* UBS raises Bank of Nova Scotia price target to C$56 from C$54; rating “buy”
* RBC raises Reitmans Ltd (RET.TO) price target to C$18 from C$17; rating “sector perform”
* MacQuarie cuts Cameco Corp (CCO.TO) price target to C$36.50 from C$39.40; rating “outperform”
Reporting by Scott Anderson; editing by Jeffrey Benkoe