September 9, 2009 / 12:02 PM / 9 years ago

CANADA STOCKS-TSX may open weaker on soft commodities

 TORONTO, Sept 9 (Reuters) - Toronto’s main stock market index could open flat to lower on Wednesday as commodity prices pulled back and investors paused after the index touched its highest level in nearly a year in the previous session.
 World stocks .MIWD00000PUS, oil and U.S. stock index futures slipped, reflecting investor reluctance to further pile on riskier assets. [MKTS/GLOB]  [.N]
 On Tuesday, the S&P/TSX composite index .GSPTSE ended the session up 87.83 points, or 0.8 percent, at 11,105.30, as a surge in commodity prices helped lift the resource-heavy index to its fourth straight higher close.
 Here is some news that might affect the market:
 Bombardier Inc, the world’s No.3 commercial aircraft maker, expects airline traffic to record modest growth for the rest of the year, with cargo leading the way in the recovery, a senior executive said on Wednesday. [ID:nHKG199479]
 Barrick Gold will issue $3 billion in stock to eliminate all of its fixed-price gold hedges and a portion of its floating hedges, taking a $5.6 billion hit to third-quarter earnings, the world’s top gold miner said on Tuesday. [ID:nN08295810]
 Viterra, Canada’s largest grain handler, targeted Asian grain markets for expansion on Wednesday after investors approved its A$1.6 billion ($1.4 billion) takeover of Australia’s ABB Grain Ltd ABB.AX. [ID:nSYD464060]
 Oil prices hovered above $71 a barrel on Wednesday, after rising more than $3 the previous day, as OPEC ministers were expected at their meeting in Vienna to maintain official output unchanged. [O/R]
 Gold held near $1,000 per ounce on Wednesday, supported by a weak dollar and concern about the sustainability of this year’s stunning rally in shares and some key commodities with prices seen ahead of fundamentals. [GOL/]
 Copper slipped on Wednesday to track equities lower as traders fretted over whether the global downturn was actually over, but investor cash helped cap losses. [MET/L]
 Gold producer Agnico-Eagle Mines Ltd (AEM.TO) said it has discovered a new gold and silver zone in Cubiro at its Pinos Altos property in Mexico. [ID:nL9644467]
 An early Canadian election is all but inevitable, the head of the opposition Bloc Quebecois said on Tuesday, despite the fact that the ruling Conservative Party has taken a lead in opinion polls. [ID:nN08161376]
 Blackmont cuts Barrick Gold (ABX.TO) price target to C$48.50 from C$49; rating outperform. It raises Iamgold Corp (IMG.TO) raises price target to C$13.25 from C$12.50; rating sector perform. [ID:nBNG491113]
 Macquarie cuts Capital Power Corp (CPX.TO)  price target to C$19 from C$20; cuts TransAlta Corp (TA.TO) price target to C$26 from C$27.
 ($1=$1.08 Canadian)  (Reporting by Jennifer Kwan; Editing by Theodore d’Afflisio)   

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