TORONTO, Feb 11 (Reuters) - Toronto’s main stock market index may open higher on Thursday on firm commodity prices and optimism over a financial rescue for Greece, but disappointing Canadian corporate results could curb enthusiasm.
Investors will also take time to digest a slew of corporate results from the country’s top insurers and retailers including Shoppers Drug Mart SC.TO and Manulife Financial (MFC.TO) for direction.
Toronto’s main stock market index edged higher on Wednesday as financials were helped by hopes that a resolution to Greece’s debt woes was near, but resource stocks were pressured by volatile commodity prices.[ID:nN10190336]
Here is some of the news that may affect the market.
European leaders have reached a deal to provide aid to Greece, EU president Herman Van Rompuy said on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro.[ID:nLDE61A0W2]
Sun Life Financial (SLF.TO) said on Thursday quarterly profit more than doubled, aided by stock market gains and improved sales, but the results came in below market expectations.[ID:SGE61A0HB]
EnCana Corp (ECA.TO), Canada’s largest natural gas producer, posted a 41 percent fall in fourth-quarter net profit on lower gas prices. [ID:nN10155014]
Canadian Tire Corp (CTC.TO), the country’s biggest auto parts and household goods retailer, said on Thursday its quarterly earnings fell more than 5 percent hurt by weak consumer confidence and an unseasonably warm start to the winter.[ID:nN11231073]
Cenovus Energy Inc (CVE.TO), the oil sands focused company spun off from EnCana Corp (ECA.TO), reported a quarterly profit mainly on production ramp-up at two key projects in northeast Alberta, and reiterated its 2010 outlook.[ID:nSGE61A0G3]
Oil climbed to around $75 a barrel on Thursday, buoyed by hopes of a rescue plan for the beleaguered Greek economy and by upbeat predictions of oil demand growth by two major forecasters.[ID:nSGE61A0AB]
Gold rose towards $1,080 an ounce in Europe on Thursday as hopes other European countries would bail out debt-laden Greece boosted the euro versus the dollar, lifting gold’s appeal as an alternative to the U.S. unit.[ID:nLDE61A19T]
Fertilizer producer Mosaic Co (MOS.N) said it granted a unit of Vale SA (VALE5.SA) an option to buy its 20 percent stake in Fertilizantes Fosfatados SA (Fosfertil) and Fertifos Administracao e Participacao SA in Brazil.[ID:nSGE61A0G2]
Following is a summary of research actions on Canadian companies reported by Reuters on Thursday. [RCH/CA]
* Scotia cuts Teck Resources TCKb.TO price target to C$50 from C$52.50
* CI Capital raises CAE Inc (CAE.TO) to Sector Perform from Underperform
* RBC raises Talisman Energy TLM.TO price target to C$24 from C$23; Rating Outperform ($1=$1.06 Canadian) (Reporting by Scott Anderson)