July 10, 2009 / 12:31 PM / 10 years ago

CANADA STOCKS-TSX may open lower on weak commodities,

TORONTO, July 10 (Reuters) - Toronto’s main stock market index could open lower on Friday, as weaker commodity prices, including oil, weigh on the resource-heavy market.

Uncertainty on company earnings and economic recovery prospects hobbled global markets. [ID:nLA360555]

The Canadian dollar was lower versus the U.S. currency as early gains made after a domestic jobs report beat expectations were handed back as a closer look at details of the report revealed weakness. [ID:nN10501942]

U.S. stock index futures pointed to a lower open on Friday after Chevron Corp warned about its second-quarter earnings, raising the specter of a weaker-than-expected second-half economic recovery and anemic corporate profits.[ID:nN10498725]

On Thursday the S&P/TSX composite index .GSPTSE finished up 120.47 points, or 1.25 percent, at 9,773.92.

Here is some news that could affect the market:


Fewer Canadians lost their jobs in June than expected as hiring in services industries partially offset factory layoffs, but the unemployment rate rose to a new 11-year high as more people looked for work. [ID:nN10253705]


Oil prices sank below $60 a barrel on Friday, poised for their biggest weekly fall since January, as traders focused on economic uncertainty. [ID:nSP476597]


Gold slipped on Friday as the firmer dollar and weaker oil pressured prices, but losses were limited as physical buying curbed the metal’s slide. [ID:nLA430812] Most base metals were down. [ID:nLA447394]


Canada’s biggest engineering company, SNC-Lavalin Group Inc said on Thursday it has been awarded a contract to design, engineer and manage the construction of a new city in Algeria that will house 80,000 people.[ID:nN09475674]


Imperial Oil Ltd, which is exploring a big shale gas play in British Columbia, declined to confirm comments by its partner on initial production rates that were reported in the Wall Street Journal. [ID:nN09198862]


The economic outlook for the 30-nation OECD area improved in May and there are signs that the downturn in Canada, Britain, the United States, China and India had reached a bottom, an OECD survey said on Friday. [ID:nLA471686]


* UBS raises Alamos Gold (AGI.TO) price target to C$11.50 from C$11.25; rating buy. [ID:nWNAB6110]

* Desjardins raises Astral Media Inc ACMa.TO target price to C$32 from C$28; rating hold. [ID:nWNAB6099]

* RBC raises Orleans Energy OEX.TO to top pick from outperform. [ID:nWNAB6107]

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

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

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