TORONTO, May 12 (Reuters) - Toronto’s main stock market index could open higher, shrugging off the previous session’s steep losses, buoyed by firming commodity prices.
Investors are expected to return to the market in a buying mood on Tuesday after sending the the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE down 1.4 percent to 10,094.14 as retreating commodity prices weighed on the resource-heavy market and as investors took profits following last week’s big gains. [nN11131153]
But commodity prices could help boost the market again during the session on the back of rising energy and gold prices.
Here are some of the stories that may affect the market:
OIL RISES ABOVE $59 TO 6-MONTH HIGH
Oil prices rose more than a dollar on Tuesday to a six-month high above $59 a barrel, boosted partly by a weaker dollar and gains on equity markets in Europe. [nSIN472267]
Gold firmed on Tuesday with a weaker dollar helping to prop up the metal’s appeal as an alternative asset, but failure to push beyond recent five-week highs limited gains. [nLB171894]
Groupe Aeroplan Inc AER.TO posted a lower quarterly profit on Tuesday and said current market conditions, with reduced consumer expenditures, make it difficult to predict 2009 performance. [nBNG482305]
Russian carmaker GAZ (GAZA.RTS) said on Tuesday it would be interested in creating a joint venture with Canadian auto parts maker Magna International MGa.TO and Opel, should the latter be acquired by a group of investors. [nLC33195]
Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. For more, see [RCH/CA]
*Genuity raises Toronto-Dominion Bank (TD.TO) price target to C$60 from C$42
*Genuity raises Royal Bank of Canada (RY.TO) price target to C$56 from C$36
*Genuity raises Canadian Imperial Bank of Commerce (CM.TO) price target to C$76 from C$55
*Genuity raises Bank of Montreal (BMO.TO) price target to C$48 from C$30 ($1=$1.16 Canadian) (Reporting by Scott Anderson; Editing by Theodore d’Afflisio)