TORONTO, March 11 (Reuters) - Canada’s main stock market may open lower on Thursday as a jump in Chinese consumer inflation weighed on resource-related shares, as the data could lead to tighter monetary policy and slower growth sooner than expected. For detail see [ID:nLDE62A024]
Investors will also digest data from both sides of the border, including weekly U.S. jobless claims and Canada’s trade surplus.
Toronto’s main stock index pushed higher in choppy trade on Wednesday after two days of losses, as oil prices firmed and trade data from China helped lift some mining issues.[ID:nN10159090]
Here is some of the news that may affect the market.
Thanachart Bank, 49 percent owned by Canada’s Bank of Nova Scotia (BNS.TO), has agreed to pay $1 billion for a 47.6 percent stake in Siam City Bank SCIB.BK in Thailand’s biggest acquisition in four years. [ID:nSGE62A087]
Insured mortgages provider Xceed Mortgage Corp XMC.TO swung to a first-quarter loss, hurt by negative fair-value adjustments related to its discontinued business line of uninsured mortgages. [ID:nSGE62A0EZ]
Gold steadied in Europe on Thursday as the euro arrested its slide against the dollar, with bargain hunting and technical support helping the metal stabilize after the previous session’s 1.2 percent fall.[ID:nLDE62A0ZB]
Oil rose above $82 a barrel on Thursday but remained below an eight-week high hit a day earlier as a spike in Chinese inflation had investors mulling prospects of monetary tightening in the heart of energy demand growth. [ID:nSGE62A05U]
The Canadian government on Wednesday branded as unacceptable what it said were excessive prices charged by a subsidiary of SNC-Lavalin Group Inc (SNC.TO) under the terms of a major federal contract. [ID:nN10163032]
Canada’s Uranium One Inc UUU.TO posted a net loss in 2009, hurt mainly by lower realized uranium prices, and said it expects to nearly double production in 2010. [ID:nSGE6290MN]
Cameco Corp (CCO.TO) expects its Cigar Lake uranium mine to produce a total of 18 million pounds a year at full production, the uranium miner’s chief executive said on Wednesday. [ID:nN10170923]
Gabriel Resources Ltd (GBU.TO) reported a quarterly loss that was wider than the consensus analyst estimate and said it requires about $1 billion to complete its high-potential Rosia Montana gold mining project in Romania. [ID:nSGE62A0F2]
Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. [RCH/CA]
* UBS raises Quebecor Inc QBRb.TO price target to C$39 from C$33; keeps “buy” rating.
* RBC raises Crew Energy (CR.TO) price target to C$16 from C$14; rating is “sector perform.”
* Thomas Weisel cuts Dorel Industries Inc (DIIb.TO) price target to C$41 from C$43; rating is “overweight.” ($1=$1.03 Canadian) (Reporting by Scott Anderson; Editing by Padraic Cassidy)