March 16, 2009 / 12:30 PM / 10 years ago

CANADA STOCKS-TSX may rise on U.S. economic outlook hope

TORONTO, March 16 (Reuters) - The Toronto Stock Exchange’s main index could climb at the open on Monday, tracking world stocks higher, on hope that the U.S. economic downturn may be bottoming, but weakness in oil and gold prices could weigh.

World stocks climbed on Monday for their fifth straight session in a row, while U.S. stock index futures pointed to a higher open. [ID:nLG353001] [ID:nLG396747].

On Friday, the S&P/TSX composite index .GSPTSE was up 21.12 points, or 0.26 percent, at 8,303.39, ending a volatile session with a slight gain as shares of gold-miners rallied around higher bullion while financials continued to take comfort on news that the U.S. banking sector is finding stability.

Here is news that could affect the market:


Rogers Communications Inc (RCIb.TO), which owns Canada’s biggest wireless carrier, has decided to name Nadir Mohamed chief executive officer, the Globe and Mail reported. The decision, which has been finalized internally, could possibly be made public in a week or two, the paper said, citing a source close to the situation. [ID:nBNG426363]


Agrium Inc AGU.TO commences exchange offer to acquire CF Industries (CF.N). The company says offer, withdrawal rights will expire on May 19, unless extended. [ID:nWNAB4247]


Enbridge Inc (ENB.TO) to sell Colombian pipeline for $400 million and said it anticipates that it will receive net after-tax proceeds of approximately C$535 million from the sale. [ID:nWNAB4236]


Oil fell 4.5 percent to around $44 a barrel on Monday after OPEC decided to leave existing output targets unchanged. [ID:nSYD484176]

OPEC agreed on Sunday to enforce existing output curbs more strictly, rather than introduce new ones, to help heal the economy even though crude oil inventories have remained relatively high and fuel demand has been slow. [ID:nLF35711]


Gold eased in Europe on Monday as improved appetite for risk sparked a rise in equity markets and reduced interest in the metal as a safe refuge [ID:nLG393457], while base metals were mostly higher. [ID:nSHA365694]


The Bank of Canada hinted on Saturday it could soon start printing money to create growth after a global pledge by central banks to take extreme action as economic conditions deteriorate.

G20 central bankers, meeting with finance ministers ahead of the London summit on April 2, signed a statement to keep interest rates low for as long as it took to get the economy back on its feet and engage in quantitative easing if needed. [ID:nLE656260]


Uranium One Inc UUU.TO reports fourth quarter loss per share of 55 cents, posts quarterly revenue of $21.1 million. [ID:nWNAB4211]


Ivanhoe Energy Inc reported a slightly smaller quarterly loss on Monday on the back of higher revenue from its operations in the United States and China. [ID:nN16504415]


First Quantum Minerals Ltd appoints Troy Hayden as interim chief financial officer. Hayden replaces David Moroney. [ID:nWNAB4144]


Raymond James cuts Essential Energy Services Trust ESN_u.TO price target to C$1.20 from C$1.50 [ID:nBNG323236], while UBS raises Silver Wheaton SLW.TO price target to $12 from $11.50. For more research, see: [CA-RCH] ($1=$1.27 Canadian) (Reporting by Jennifer Kwan; Editing by Kenneth Barry)

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