TORONTO, May 13 (Reuters) - Toronto’s main stock market index could open lower on Wednesday after weaker-than-expected data hurt sentiment, but firm oil prices could support the heavily weighted energy sector.
A U.S. government report showed sales at U.S. retailers fell for a second straight month in April, pulled down by sluggish gasoline and electronic goods purchases. [ID:nN12361802]
But the Toronto index, which has fallen in the past two sessions, could find support from the price of U.S. crude oil, which rose 0.6 percent on Wednesday. [nSIN127415]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed little changed on Tuesday, down just 0.16 percent at 10,077.70, as the hefty energy and financial groups lost ground, but were offset by strength in the mining-heavy materials group.
Here are some of the stories that may affect the market:
Home and auto insurer ING Canada Inc IIC.TO posted a first-quarter loss as weak equity markets led to investment losses. [nBNG499542]
The European Commission imposed a record 1.06 billion euro ($1.45 billion) fine on chipmaker Intel Corp (INTC.O) on Wednesdays and ordered it to halt illegal rebates and other practices to squeeze out rival AMD AMD.N. [ID:nLD843461]
Canadian oil firm InterOil Corp IOC.N has received strong interest from global oil majors and utilities to invest in its proposed $4.5 billion liquefied natural gas (LNG) project in Papua New Guinea, it said on Wednesday.[nSYU006521]
Printing services provider R.R. Donnelley & Sons Co (RRD.N) said it offered to buy the assets and properties of Quebecor World IQW.TO for about $1.35 billion in a cash and stock deal to expand into Canada. [nBNG31560]
Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. For more, see [RCH/CA]
* RBC raises CI Financial Corp (CIX.TO) price target to C$18 from C$16; Rating Sector Perform
* Versant cut Groupe Aeroplan Inc AER.TO price target to C$6 from C$7; Rating Sell ($1=$1.16 Canadian) (Reporting by Scott Anderson; Editing by Jeffrey Hodgson)