September 9, 2009 / 12:02 PM / 8 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 (BBDb.TO)
 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 (ABX.TO)
 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 VT.TO
 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 SOFT
 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 DIPS
 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 LOWER
 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]
 AGNICO-EAGLE MINES LTD (AEM.TO)
 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]
 CANADA ELECTION
 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]
 CANADA RESEARCH
 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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