January 15, 2010 / 1:12 PM / 9 years ago

CANADA STOCKS-TSX may open lower on weak commodities

TORONTO, Jan 15 (Reuters) - Toronto’s main stock market may open lower on Friday as weak oil and gold prices weigh on the commodity-heavy index.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE heavily weighted financial group could also see activity after U.S. banker JPMorgan Chase & Co (JPM.N) reported mixed quarterly results.

Toronto’s main stock index fell Thursday, hurt by weakening oil prices and by gold producers that failed to find support even though gold prices turned higher.

Here is some of the news that may affect the market:


Oil slipped below $79 per barrel on Friday and was set for its first weekly drop in more than a month on disappointing economic data and expectations for reduced heating demand in the United States. For details, see [ID:nLDE60E0CK]


Gold fell towards $1,130 per ounce on Friday as a rising dollar made the metal costlier for non-U.S. investors, but palladium hit an 18-month high as traders continued to see strong investment demand. [ID:nLDE60E0N2]


JPMorgan Chase & Co (JPM.N), the second-largest U.S. bank by assets, reported fourth-quarter profit jumped, but revenue fell short of the average analyst estimate and losses on mortgages and commercial loans continued to rise. [ID:nN15183524]

CF Industries Holdings Inc (CF.N) withdrew its year-long hostile bid to buy rival fertilizer maker Terra Industries Inc TRA.N on Thursday. [ID:nN14179782]


Canada’s oil-rich province of Alberta needs to look at ways of moderating the pace of oil sands developments, the province’s new minister of energy Ron Liepert told the Globe and Mail newspaper in an interview. [ID:nSGE60E0BT]


Kinross Gold Corp (K.TO) said Thursday its 2010 gold production is on track to meet previous estimates, while output at its troubled Paracatu mine in Brazil is running slightly ahead of forecasts in the fourth quarter. [ID;nN14233428]


Canadian sporting goods retailer Forzani Group Ltd FGL.TO said Thursday sales for the key holiday season dropped 1.8 percent as an unseasonably warm November in much of the country hurt sales of seasonal items. [ID:nWNAB4515]


Most of Canada’s primary securities dealers are forecasting that the Bank of Canada will maintain its conditional promise to keep its key interest rate near zero through the second quarter. [ID:nN14233037]


Following is a summary of research actions on Canadian companies reported by Reuters on Friday. [RCH/CA]

* RBC raises Potash Corp POT.N price target to $150 from $125; rating “outperform”

* UBS cuts Kinross Gold (KGC.N) price target to $25 from $26: rating “buy”

* MacQuarie raises Uranium One Inc UUU.TO price target to C$4.30 from C$4.20; rating “outperform” ($1=$1.03 Canadian) (Reporting by Scott Anderson; editing by Jeffrey Benkoe)

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