June 12, 2009 / 1:19 PM / 10 years ago

RPT-CANADA STOCKS-TSX may open lower as commodities sag

(Repeats to add story identification number)

TORONTO, June 12 (Reuters) - Toronto’s main stock index could open lower on Friday after touching its highest level in nearly eight months as its heavily-weighted energy sector is pressured by falling oil prices.

World stocks were flat ahead of a G8 meeting, while U.S. stock index futures pointed to a lower open on falling oil prices and ahead of consumer confidence data. [MKTS/GLOB]

On Thursday, the S&P/TSX composite index .GSPTSE finished up 116.13 points, or 1.1 percent, at 10,714.11. Earlier in the session it rose 128 points to 10,726.01, which marked its highest level since Oct. 14.

Here is some news that could affect the market:


Exxon Mobil Corp (XOM.N) said on Thursday it has joined TransCanada Corp’s (TRP.TO) effort to build a $26 billion Alaska natural gas pipeline, giving the long-sought project key support from one of the main Arctic gas players. [ID:nN1150958]


Canadian Finance Minister Jim Flaherty said in a television interview on Thursday he sees a more than 50 percent chance there will be a federal election this summer, even though polls show Canadians do not want one.[ID:nN11523579]

Elsewhere, Canada’s opposition Liberals have built on their slim lead over the governing Conservatives, but neither party would be assured of clear victory if an election were held today, a poll released on Thursday showed.[ID:nN11523570]


Kazakh uranium firm Kazatomprom, at the center of investor scrutiny following a string of arrests in the strategic industry, sought to reassure foreign partners on Friday that it would honor all existing agreements.

In a statement on Friday, state-controlled Kazatompom said it held talks with officials from foreign companies including Canada’s Uranium One UUU.TO over the last two weeks to discuss cooperation. [ID:nLC156021]


Oil CLc1 dropped below $72 a barrel on Friday, a day after reaching a near eight-month high, pressured by a firmer dollar and views that prices have risen too far despite improving sentiment about the economy. [ID:nLC158279]


Gold fell below $950 an ounce in Europe as the dollar rose against the euro after weak European economic data dented interest in the metal as a hedge. [ID:nLC9781]

Copper fell more than 2 percent as dollar strength and lingering economic worries and concerns over real demand dented sentiment for base metals. [ID:nLC392185]


Cascades Inc (CAS.TO) said on Friday it will acquire Atlantic Packaging Products Ltd’s tissue business in a deal worth about C$60 million to increase its annual capacity of recycled tissue. [ID:nBNG419535]


Goldman Sachs raises Lululemon Athletica (LULU.O) to buy from neutral; hikes price target to $17 from $9.50.

RBC raises FNX Mining FNX.TO price target to C$12 from C$7.50; rating outperform

Dundee raises Com Dev International (CDV.TO) price target to C$4.00 from C$3.60; rating buy

For more research, see [CA-RCH] ($1=$1.12 Canadian) (Reporting by Jennifer Kwan, Editing by Chizu Nomiyama)

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