July 15, 2009 / 12:28 PM / 10 years ago

CANADA STOCKS-TSX may open higher on firm commodity prices

TORONTO, July 15 (Reuters) - Toronto’s main stock market index could climb on Wednesday, lifted by higher oil and metal prices and investor optimism after strong earning results from key U.S. firms.

Global stocks rose to their highest level in nearly two weeks on Wednesday as blockbuster results from major firms such as tech bellwether Intel Corp (INTC.O) underpinned appetite for riskier assets.[ID:nLF556039]

U.S. stock futures rose on Wednesday as Intel’s results and upbeat outlook reinforced hopes for an economic recovery and a rebound in technology spending.[ID:nN15322539]

On Tuesday the S&P/TSX composite index .GSPTSE closed up 94.22 points, or 0.95 percent, at 9,986.15.

Here is some news that could affect the market:


Corus Entertainment reported a quarterly loss on Wednesday, hurt by a charge at its radio division. [ID:nN15323745]


Oil rose above $60 a barrel on Wednesday, supported by data showing a fall in gasoline stocks and after strong company earnings lifted expectations for economic recovery.[ID:nSP476597]


Gold jumped more than 1 percent to a two-week high of $935.60 an ounce on Wednesday as the dollar’s slip against a basket of currencies pushed prices through key resistance levels at $931 an ounce.[ID:nLF598658] Base metals were also higher. [ID:nLF180155]


Nigeria’s most prominent militant group on Wednesday declared a 60-day ceasefire in its offensive against Africa’s biggest oil industry to provide a chance for peace talks with the government. [ID:nLF136890]


Silvercorp Metals updates markets regarding its offer to acquire all the outstanding shares of Klondex.[ID:nWNAB7267]


Nokia Siemens, which has bid for the advanced wireless technology assets of bankrupt Canadian telecom equipment maker Nortel Networks, is open to acquiring other Nortel assets as they are put on the market, a senior company official said on Tuesday.[ID:nN14283312]


* Genuity cuts Barrick Gold (ABX.TO) price target to C$55 from C$59; rating buy.

* Genuity cuts Goldcorp Inc (G.TO). price target to C$49 from C$52; rating buy.

* Genuity cuts Hudbay Minerals (HBM.TO) price target to C$10 from C$11; rating buy.

* Genuity cuts Kinross Gold (K.TO) price target to C$27.50 from C$29; rating buy.

* Genuity raises Lundin Mining (LUN.TO) price target to C$3.50 from C$3.10; rating buy.[ID:nBNG440227]

For more research, please see: [CA-RCH]

$1=$1.12 Canadian Reporting by Nina Lex; Editing by Jeffrey Hodgson

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