TORONTO, May 15 (Reuters) - Toronto’s main stock index is set to open lower on Friday as soft commodity prices may pressure the resource-heavy index.
The Toronto Stock Exchange S&P/TSX composite index.GSPTSE closed up 139.69 points, or 1.44 percent, at 9,849.20 on Thursday. The rebound comes after the TSX posted its first three-day retreat in more than a month.
The trading session may be restrained as market players gear up for a long weekend with Victoria Day in Canada. The TSX will be closed on Monday.
Here are some of the stories that may affect the market:
The U.S. oil price fell more than $1 to below $58, pressured by weak demand and as the U.S. dollar firmed against the euro. U.S. oil hit a six-month high above $60 a barrel on Tuesday, before weak demand outlooks halted the recent rally. [ID:nSIN460588]
Spot gold XAU= was steady on Friday, with prices restrained as economic jitters after poor German growth figures vied with firming global share prices ahead of key U.S. inflation data. [ID:nLF404760]
Statistics Canada will release the March survey of manufacturing. In the U.S., data to be released include a report on consumer inflation, a consumer sentiment survey and a report on manufacturing activity in New York State. ECON
Biovail Corp BVF.TO said it has cleared an antitrust hurdle for U.S. rights for antidepressant Wellbutrin XL. It said it has paid $510 million to GlaxoSmithKline to acquire the full U.S. rights. [ID:nWNAB0236]
UTS Energy Corp UTS.TO, which fended off a hostile takeover attempt by France’s Total SA TOTF.PA last month, said it may now cost only C$8 billion to build the delayed Fort Hills oil sands project. The recession has cut the cost of labor and materials, the UTS CEO said at the company’s annual meeting on Thursday. [ID:nN14517218]
At least four U.S. insurers won approval on Thursday to raise billions of dollars through the government’s bank bailout plan, the U.S. Treasury Department said. Insurer stocks jumped in after-hours trade. [ID:nN14521232]
Following is a summary of research actions on Canadian companies reported by Reuters on Friday. For more, please double click [RCH/CA]
* RBC raises Gildan Activewear GIL.TO price target
* UBS raises Canadian Tire CTC.TO price target; rating buy (Reporting by Ka Yan Ng; Editing by Theodore d‘Afflisio)