September 15, 2009 / 12:27 PM / 10 years ago

CANADA STOCKS-TSX could open higher on oil

TORONTO, Sept 15 (Reuters) - Toronto’s main stock market index could open slightly higher on Tuesday as firmer energy prices offset weakening gold prices.

Oil rose above $69 a barrel on Tuesday, lifted by a weaker dollar and an expected draw in U.S. crude stocks, but concerns that a major U.S. exchange will increase enforcement of position limits capped gains. [nSP312072]

Meanwhile, gold eased on Tuesday as the dollar hit session highs versus the euro after German ZEW data, but held near the $1,000 an ounce mark amid hopes the metal may be consolidating before a further push higher. [nLF662272]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished at a 2009 high on Monday, led by heavyweight energy and financial issues, as revived risk appetite and hopes the global economy is moving out of recession fueled a broad rally.[nN14519715]

Here is some news that could affect the market:

Enbridge Inc (ENB.TO) has restarted a segment of its Canada-to-United States crude oil pipeline system shut by a power outage last week, a spokeswoman said Monday. [nN14524033]

A U.S. unit of Canadian drugmaker Biovail Corp BVF.TO has pleaded guilty to conspiracy and kickback charges, ending a case over its Cardizem hypertension drug, the U.S. Justice Department said on Monday. [nN14523125]

The chief executive of Barrick Gold Corp (ABX.TO) said on Monday that the world’s largest gold producer will use excess cash from higher production and cost savings for acquisitions and to increase its reserves. [nN14516952]

The restructuring of Sun Life Financial’s (SLF.TO) operations in China is only half done, but Stephan Rajotte already predicts that having a small stake in a big Chinese joint venture will help push new business in Asia past the C$1 billion ($926 million) mark. [nN14512154]

The U.S. Treasury Department is talking to Citigroup Inc (C.N) about how to sell the roughly one-third stake the government acquired as part of its bailout of the bank, Bloomberg reported, citing people familiar with the matter. [nN15542952]


Following is a summary of research actions on Canadian companies reported by Reuters on Monday. For more, please double click on [RCH/CA]

*UBS cuts BCE Inc (BCE.TO) to neutral from buy on valuation

*UBS cuts Manitoba Telecom Services MBT.TO price target to C$30 from C$35; rating neutral

*RBC raises Alimentation Couche Tard (ATDb.TO) price target to C$21 from C$20; rating Sector Perform [nWNAB9638]

*MacQuarie raises Bonavista Energy Trust BNP_u.TO price target by C$1.75 to C$24; Rating Outperform [nNAB9644] ($1=$1.09 Canadian) (Reporting by Scott Anderson; Editing by Theodore d’Afflisio)

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