October 15, 2009 / 12:41 PM / in 8 years

CANADA STOCKS-TSX may open lower as resource stocks drag

 TORONTO, Oct 15 (Reuters) - Toronto’s main stock index may open lower on Thursday as a pullback in commodity prices could force the resource-heavy index to relinquish some of the recent gains made when oil and gold prices rallied.
 Another drag on the TSX could come via spillover from the United States, where stock index futures turned negative after Goldman Sachs Group (GS.N) reported its third-quarter results.
 The recent surge in oil and gold prices played a major role in the TSX’s rally as the energy and materials groups account for more than 40 percent of its weighting.
 But a turnaround in prices for the key Canadian exports could convince investors to pocket some of the recent gains.
 The S&P/TSX composite index .GSPTSE rose 119.24 points, or 1.04 percent, to 11,532.78 on Wednesday.
 Here is some new that could affect the market:
 RESEARCH IN MOTION RIM.TO
 BlackBerry maker Research In Motion RIM.TO RIMM.O is launching a new version of its touchscreen Storm smartphone, marking its latest move in the fight with Apple’s APPL.O iPhone. [ID:nN14263536]
 GOLD PRICES EASE
 Gold prices edged lower in Europe on Thursday on concerns a rally which took the precious metal to record highs above $1,070 an ounce in the last session had been overdone. [GOL/]
 OIL PRICES BACK OFF 1-YEAR HIGH
 Oil fell back below $75 a barrel from year-highs and reversed its sixth straight positive session on Thursday after European shares pared gains and the euro fell on disappointing Q3 earnings reports, traders said. [O/R]
 JAGUAR MINING INC (JAG.TO)
 Jaguar Mining Inc said its third-quarter gold output increased 19 percent, helped by improved production at its Turmalina and Paciencia mines in Brazil. [ID:nBNG427720]
 MAGNA MGa.TO
 U.S. carmaker General Motors [GM.UL] was close to signing a deal to sell a 55 percent stake in its European arm Opel to Canada’s Magna on Thursday as talks continued with unions over job cuts. [ID:nLF581226]
 VASOGEN INC VAS.TO
 Vasogen Inc said on Thursday it narrowed its quarterly loss as the small Canadian biotech company wound down operations. [ID:nN15288429]
 CRESCENT POINT ENERGY CORP (CPG.TO)
 Crescent Point Energy Corp said on Wednesday it plans to sell shares worth C$500.3 million ($486 million) to a group of underwriters, with the cash earmarked to cut debt or acquire rivals. [ID:nN14263207]
 RESEARCH ROUNDUP:
 Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
 * Genuity cuts Crescent Point Energy Corp (CPG.TO) target price 2.4 percent to C$40.25 with “buy” rating.
 * Canaccord Adams raises Orezone Gold ORE.TO target price 58 percent to 95 Canadian cents with “speculative buy” rating.
 ($1=$1.03 Canadian)  (Reporting by Frank Pingue; Editing by Jeffrey Hodgson)                                      

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