March 12, 2009 / 1:01 PM / 10 years ago

CANADA STOCKS-Gold, oil may help TSX open higher; sentiment weak

TORONTO, March 12 (Reuters) - Toronto’s main stock index could open higher on Thursday, after shooting up for two straight sessions, supported by firmness in the price of oil and gold.

However, economic gloom returned to world markets on Thursday with warnings about further declines in demand and production hitting equities and boosting bonds. [ID:nLC187102]

The S&P/TSX composite index .GSPTSE rose 130.61 points, or 1.66 percent, to close at 8,011.02 on Wednesday. The rise followed a 4 percent gain Tuesday.

Here is some news likely to affect the market:


Ailing telecom equipment maker Nortel Networks Corp, which filed for bankruptcy protection earlier this year, is looking to break itself up by selling off major divisions, the Globe and Mail reported on Thursday. [ID:nN12347303]


Giant-screen movie theater company Imax Corp IMX.TO IMAX.O reported a smaller quarterly loss and said it expected to return to profitability in 2009 based on its slate of films and growing network of revenue-sharing theaters. [ID:nN11312545]


Canadian health sciences company MDS Inc MDS.TO reported a lower quarterly profit on Thursday as revenue fell 15 percent. [ID:nN12484438]


The Canadian Auto Workers union said on Wednesday its members had agreed to contract concessions with General Motors of Canada to help the automaker qualify for government loans, but the president of rival Chrysler panned the deal. [ID:nN11320328]

Chrysler LLC [CBS.UL] warned on Wednesday it might close its plants in Canada unless it got sufficient labor concessions, as well as government aid and resolution of a tax dispute. [ID:nN11325025]


The media unit of Canwest Global Communications Corp and its senior lenders agreed to extend a waiver of loan conditions until April 7 so that Canada’s biggest media company can stay operating while it seeks a route to an eventual recapitalization. [ID:nN11453960]


Oil rebounded towards $43 a barrel on Thursday after a 10 percent fall in the past two sessions as faint signs of recovery showed through the latest Chinese data and traders positioned for the weekend OPEC meeting. [ID:nSP439424]

Gold rises on weaker equities [ID:nLC393609], while base metals were mostly lower. [ID:nLC617825]


Canada’s Scotiabank (BNS.TO) is interested in expanding its Mexican business through acquisitions, possibly in insurance or fund management, the chief executive of the bank’s Mexican unit said on Wednesday. [ID:nN11315589


Quebecor Inc (QBRa.TO) is pulling its stable of newspapers out of the Canadian Press news co-operative in a bid to cut costs and expand its own in-house news agency. [ID:nN11317378]


Genuity cuts Viterra Inc VT.TO price target to C$14.50 from C$15.50, while RBC cuts price target to C$10 from C$12.

RBC cuts Transat AT TRZb.TO price target to C$13 from C$15. For more research see: [ID:nBNG429329] ($1=$1.29 Canadian) (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)

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