December 16, 2009 / 1:15 PM / 9 years ago

CANADA STOCKS-Resources may boost TSX, Fed eyed

TORONTO, Dec 16 (Reuters) - Canada’s main stock market index could open higher on Wednesday, boosted by firm gold and energy prices.

But investors are expected to be cautious ahead of a Federal Reserve policy statement on interest rates later in the day.

Toronto’s main stock index ended down 4.67 points at 11,541.02 on Tuesday as investors pocketed gains, offsetting the boost that higher oil prices gave energy shares. [nN15239996]

Here is some news that could affect the market:


The U.S. Federal Reserve is expected to stick to its super-loose monetary policy stance on Wednesday as high unemployment constrains policy-makers’ enthusiasm about the economy’s recent improvement. [nN15246231]


Gold rose above $1,130 an ounce on Wednesday after above-consensus euro zone data lifted the euro from lows, but prices were rangebound amid caution ahead of a Fed statement. [nLDE5BF0P6]


Oil rose above $71 a barrel on Wednesday, extending its gains after snapping a nine-day losing streak a day earlier, as industry data showing a sharp drop in U.S. distillate stockpiles overshadowed signs of weak demand.[nSGE5BF01A]


The Canadian province of Ontario is considering selling all or part of its holdings in state-owned businesses as it grapples with a C$24.7 billion ($23.3 billion) deficit, the Globe and Mail newspaper reported. [nSGE5BF05Q]


CF Industries Inc (CF.N) said on Tuesday it will not seek to extend its financing commitments for its proposed acquisition of Terra Industries Inc TRA.N and made no assurance that it will take more action to buy the fertilizer company. [nN15244657]


Assets under management in Canadian investment funds jumped in November from a year earlier as investors piled into balanced funds amid the strongest-ever market momentum in a 12-month period, according to the Investment Funds Institute of Canada. [nN15236139]


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

* RBC raises Transcontinental Inc (TCLa.TO) price target to C$16 from C$15; Rating Outperform

* RBC raises Indigo Books & Music (IDG.TO) price target to C$17 from C$15; Rating Outperform ($1=$1.06 Canadian) (Reporting by Scott Anderson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below