October 14, 2009 / 12:24 PM / 9 years ago

CANADA STOCKS-TSX may open higher on resources, U.S. earnings

 TORONTO, Oct 14 (Reuters) - Toronto’s main stock index could open higher on Wednesday as a rise in commodity prices may spark a rally in weighty resource issues while upbeat corporate results from the United States helps sentiment.
 Toronto’s energy and and materials groups, which together account for more than 40 percent of the index’s weighting, have been well supported in recent weeks given the lofty prices for gold and oil.
 Added support for the TSX could spill over from the United States, where earnings from JPMorgan Chase & Co (JPM.N) early Wednesday and from Intel Corp (INTC.O) late Tuesday both came in ahead of expectations and helped boost U.S. stock futures. That could help set the tone in the smaller TSX.
 The S&P/TSX composite index .GSPTSE fell 23.38 points lower, or 0.2 percent, to 11,413.54 on Tuesday.
 Here is some new that could affect the market:
 Gold hit a record high above $1,070 an ounce on Wednesday as the U.S. dollar slid to new 14-month lows against the euro and oil prices rose towards $75 a barrel, boosting interest in commodities as an asset class. [GOL/]
 Oil surged for a fifth day on Wednesday to a 2009 high above $75 a barrel, boosted by a weak U.S. dollar and optimism about a global economic rebound that will lead to higher energy demand. [O/R]
 Barrick Gold Corp said on Tuesday it expects gold production in 2010 to grow to 7.7 to 8.1 million ounces at lower total cash costs than 2009. [ID:nWNAB8696]
 Canada’s EXFO Electro-Optical Engineering Inc posted a quarterly loss, hurt by restructuring charges and lower sales volume caused by the recession, and forecast a first-quarter loss. [ID:nBNG499401]
 Catalyst Paper said on Tuesday its Chief Financial Officer David Smales will leave the company effective Nov. 4 to join a Toronto-based construction and infrastructure development firm. [ID:nBNG535258]
 Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
 * Raymond James cuts Eastern Platinum (ELR.TO) to “outperform” from “strong buy” rating.
 ($1=$1.03 Canadian)  (Reporting by Frank Pingue, Editing by Chizu Nomiyama)                                      

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