March 10, 2009 / 12:53 PM / 10 years ago

CANADA STOCKS-TSX may open higher as oil, equities climb

TORONTO, March 10 (Reuters) - Toronto’s main stock index could open higher on Tuesday after touching a multi-year low in the previous session, helped higher by climbing oil and equity markets on renewed optimism in the banking sector.

U.S. stock index futures pointed to a higher open on Wall Street [ID:nLA324321], helped as Citigroup Inc’s (C.N) chief executive told staff in an open letter the company was profitable in the first two months of 2009 and it is confident about its capital strength after tough internal stress tests. [ID:nLA390055]

World stocks rose after three days of consecutive declines. [ID:nLA118651]

On Monday, the S&P/TSX composite index .GSPTSE closed down 24.53 points, or 0.32 percent, at 7,566.94, as weaker gold prices dragged down materials shares while bank worries weighed on financial issues.

Here is some news that could affect the market:


Southwestern Resources Corp SWG.TO announces letter agreement with Hochschild Mining Plc for acquisition by Hochschild of all outstanding common shares. [ID:nWNAB2279]


Iamgold said it will issue at least C$275 million in common stock, and use the proceeds to develop its recently acquired Essakane gold project in Burkina Faso. [ID:nN09476330]


Methanex Corp’s (MX.TO) said its president and chief executive plans to purchase up to 40,000 additional common shares to increase holdings. [ID:nWNAB2006]


Oil climbs above $47 a barrel ahead of a meeting in Vienna on March 15 of the Organization of the Petroleum Exporting Countries to decide whether to cut production further in an attempt to support oil prices.


Gold slipped as recovery in equity markets suggested risk aversion was easing, dampening the precious metal’s appeal as a safe refuge. [ID:nLA276689] Base metals were mixed. [ID:nLA376185]


Unionized autoworkers are set to begin voting on Tuesday on a tentative deal reached with General Motors of Canada (GM.N) that would see, among other things, a wage freeze through 2012. [ID:nN08401804]

The Canadian unit of Ford Motor Co. (F.N) proposed on Monday that Ottawa provide a C$3,500 incentive to consumers who buy a new vehicle in 2009, as a way to counter a sharp decline in auto sales. [ID:nN09485874]


Freeport McMoRan Copper and Gold’s chief executive is making no promises on restarting the company’s dividend and warned a further drop in copper prices could force more output cuts, while a top executive from large-cap gold miner Goldcorp predicted stronger gold prices and below-estimates costs would pad the company’s bottom line going forward. [ID:nN09479119]


Raymond James downgraded Canadian Royalties Inc CZZ.TO to “market perform” from “outperform” after the mineral exploration company said it was looking to renegotiate the terms of its debentures. [ID:nBNG459519] For more research, please see: [CA-RCH] ($1=$1.28 Canadian) (Reporting by Jennifer Kwan, Editing by Chizu Nomiyama)

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