February 10, 2010 / 1:31 PM / 9 years ago

CANADA STOCKS-TSX may rise on firming hopes for Greece

 TORONTO, Feb 10 (Reuters) - Toronto’s main stock index is set to advance at the open on Wednesday on firming expectations of a Greek bailout and rising gold and oil prices.
 Euro zone countries were holding intensive talks on Wednesday about a possible financial rescue for debt-stricken Greece. As a result, global stocks markets were higher and U.S. stock index futures were following suit. [ID:nLDE6190UP] [MKTS/GLOB]
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended Tuesday’s session 1.43 percent higher at 11,274.24 on strengthening sentiment towards a plan for Greece.
 Here is some of the news that may affect the market.
 Gold rose above $1,080 an ounce, while oil bounced above $74 a barrel, as the euro rebounded versus the U.S. dollar on prospects of an imminent rescue package for Greece. [GOL/] [O/R]
 Talisman Energy TLM.TO, Canada’s No. 4 independent oil explorer, reported a quarterly loss that lagged expectations, mainly on weaker natural gas prices.  [ID:nN09104156]
 Mortgage lender Home Capital Group’s (HCG.TO) fourth-quarter profit handily beat estimates, helped by a 40 percent rise in mortgage originations, and the company said it expects to generate “robust earnings” in 2010. [ID:nSGE6190HO]
 * Air Canada ACa.TO quarterly loss narrows [ID:nN08115886]
 * Arc Energy Trust AET_u.TO Q4 results, gives 2010 view [ID:nWNAB5252]
 * Gildan Activewear (GIL.TO) Q1 profit tops estimates [ID:nSGE6180L2]
 Alexza Pharmaceuticals Inc ALXA.O said it signed a collaboration deal with a unit of Biovail Corp BVF.TOBVF.N to develop and commercialize AZ-004, its inhaled treatment for agitation, in the United States and Canada.
 MDS Inc MDS.TO said that Ricerca Biosciences would buy its business that provides clinical trial services to biotech and pharmaceutical companies for $45 million and certain minority equity interests. [ID:nN10150405]
 Following is a summary of research actions on other Canadian companies reported by Reuters on Wednesday. [RCH/CA]
 * Mixed reaction from analysts for RioCan REIT (REI_u.TO), Canada’s biggest real estate investment trust, after it reported lower than expected results on Tuesday, and said it aimed to spend at least C$500 million more this year on acquisitions.  [ID:nN09103382]
 Raymond James raised RioCan REIT to “outperform” from “market perform”, while Macquarie raised its price target to C$20 from C$18.50. RBC cut its price target on RioCan to C$18.50 from C$19.75.
 * Raymond James raises Canadian National Railway (CNR.TO) to “outperform” from “market perform”
 * RBC cuts Suncor Energy (SU.TO) to “sector perform” from “market perform”
 * Haywood raises Teck Resources TCKb.TO to “sector outperform” from “sector perform”
 ($1=$1.07 Canadian)
 (Reporting by Ka Yan Ng, Editing by Chizu Nomiyama)                                       

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