November 12, 2009 / 1:39 PM / in 8 years

CANADA STOCKS-Toronto stocks may fall on commodities, Wal-Mart

 TORONTO, Nov 12 (Reuters) - Toronto's main stock index may
open lower on softer commodity prices, while company results
and forecasts may also sway investor sentiment on Thursday.
 An earnings outlook from retail giant Wal-Mart WMT.N,
already weighing on U.S. stock index futures, may add pressure
to investor sentiment as the warning cast doubt about the
strength of the consumer spending in an economic recovery.
 Some of the Canada's biggest companies in the energy and
telecoms sectors also posted quarterly results before the
market open.
 The S&P/TSX composite index .GSPTSE finished slightly
higher on Wednesday in a quiet session marked by an early jump
to a three-week high that eroded as the day progressed. The
S&P/TSX composite index .GSPTSE closed up 13.01 points, or
0.11 percent, at 11,439.75.
 Here is some of the news that may affect the market:
 EnCana Corp ECA.TO, Canada's largest natural gas
producer, reported a 99 percent drop in third-quarter profit as
oil and gas prices sank. The company, which is preparing to
split itself into separate gas and oil producing companies,
said it plans to invest between $3.6 billion and $3.9 billion
in capital and targets natural gas production growth of about
10 percent next year. [ID:nBNG165791]
 BCE Inc BCE.TO, Canada's biggest phone company, posted a
jump in quarterly profit that topped analyst expectations as
subscribers flocked to new mobile phones and services despite a
weak economy. [ID:nN12404622]
 Wal-Mart Stores Inc reported a higher quarterly profit as
the world's biggest retailer clamped down on inventory and
controlled expenses, but forecast earnings for the current
period that could miss current Wall Street estimates.
 U.S. crude oil futures CLc1 fell ahead of an expected
hike in crude stocks in the Energy Information Administration's
weekly report, while gold edged off the record high it hit
early on Thursday as the U.S. dollar recovered from lows. [O/R]
 * See also: Barrick chief says sell off in gold possible-FT
 Industrial equipment supplier Toromont Industries Ltd
TIH.TO said it intends to proceed with a formal bid to
acquire Enerflex Systems Income Fund EFX_u.TO, after talks
for a deal collapsed. [ID:nWNAB4954]
 * See also: DEALTALK-Trusts, pension plans to figure in
Canada M&A [ID:nN11326437]
 * Lab Research Inc Q3 loss widens [ID:nBNG284776]
 * Denison Mines Corp posts Q3 loss on impairment charge
 * FNX Mining Co posts wider Q3 loss [ID:nBNG253392]
 * Sino-Forest Corp posts higher Q3 profit [ID:nBNG508641]
 Raymond James raised Primaris Retail REIT PMZ_u.TO to
"outperform" from "market perform," citing the stock's
attractive valuation, while Genuity Capital Markets, RBC, and
Blackmont raised their price target on the real estate
investment trust. [ID:nBNG5508]
 Other research actions on Canadian companies reported by
Reuters on Thursday. [RCH/CA]
 * UBS raises Franco Nevada FNV.TO, Pan American Silver
PAA.TO to buy, raises price targets on 16 miners
 * Desjardins, Genuity cut Shoppers Drug Mart SC.TO price
 * RBC, Macquarie raise price targets on Allied Properties
 ($1=$1.05 Canadian)
 (Reporting by Ka Yan Ng; Editing by Theodore d'Afflisio)

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