July 9, 2009 / 12:42 PM / 10 years ago

CANADA STOCKS-TSX may open higher as commodities recover

TORONTO, July 09 (Reuters) - Toronto’s main stock market index looked set to open higher on Thursday, as commodity prices recovered after a three day beating.

Better-than-expected quarterly results from U.S. bellwether Alcoa (AA.N) helped lift European stocks and draw global equities out of the red, while currency markets reversed some of their recent cautious patterns. [ID:nL9396521]

U.S. stock index futures also pointed to a higher open on Thursday after Alcoa results gave a positive tone to the start of the second-quarter earnings season.[ID:nN09441429]

On Wednesday the S&P/TSX composite index .GSPTSE closed down 190.90 points, or 1.94 percent, at 9,653.45.

Here is some news that could affect the market:


Kinross Gold Corp said unionized employees strike at Mantos De Oro-La Coipa Mine in Chile, which affects production of about 300 gold equivalent ounces per day. [ID:nWEN0373]


Canada’s top life insurer, Manulife Financial Corp, plans to keep building capital to shield it from volatile markets, and could use those reserves for expansion or acquisitions down the road. [ID:nN08396843]


Air Canada is finding some support from lenders as it struggles to solve its financial Rubik’s Cube, the cash-strapped airline’s chief executive said on Wednesday. [ID:nN08273110]


Canaccord Adams upgraded Research in Motion to “buy” from “hold,” citing the recent slump in the smartphone maker’s stock price and a double digit growth in its BlackBerry sales for June.[ID:nBNG347675]


Oil rose by more than $1 on Thursday to edge back above $61 a barrel, halting a six-session losing streak which has seen prices decline by 15 percent on concerns about the timing of any economic recovery.[ID:nSP476597]


Gold rebounded in Europe on Thursday from the last session’s eight-week low, as the weak dollar prompted buying of the metal as a currency hedge.[ID:nL9422185] Base metals were also higher.[ID:nL9414703]


The French-speaking province of Quebec will challenge the federal government in court over plans to create a national securities regulator, accusing the federal government of trampling on provincial powers.[ID:nN08405600]


The G8 climate pact meshes well with Canada’s plans to reduce its emissions by up to 70 percent by 2050, Canadian Environment Minister Jim Prentice said on Thursday.[ID:nTOR004748]


* Macquarie starts Semafo Inc (SMF.TO) with outperform rating; target price of C$3.[ID:nWNAB5623]

* RBC cuts Canadian Pacific Railway (CP.TO) price target to C$35 from C$38; rating sector perform.[ID:nWNAB5647]

* Genuity starts Saputo Inc SAP.T0 with buy rating, price target of C$28.[ID:nBNG484395]

For more research, please see: [CA-RCH]

$1=$1.16 Canadian Reporting by Nina Lex; Editing by Jeffrey Hodgson

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