TORONTO, Feb 17 (Reuters) - Toronto’s main stock market index could open higher on Wednesday on firm resource prices, while investors await minutes from the U.S. Federal Reserve’s January policy meeting.
Investors also await corporate results from a number of Canadian companies including gold miner Agnico-Eagle Mines (AEM.TO).
Toronto’s main stock market index rose to its highest level in more than three weeks on Tuesday as oil and gold prices soared, leading resource issues higher, and as risk appetite returned to the market. [ID:nN16157950]
Here is some of the news that may affect the market.
Oil rose towards $78 a barrel on Wednesday, supported by a weaker dollar and gains in stock markets on renewed investor risk appetite as concerns about a euro zone debt crisis subsided.[ID:nSGE61G08L]
Gold prices rose above $1,120 an ounce to the highest in two weeks as the euro extended the previous session’s gains versus the dollar, prompting fresh investment flows into the precious metal.[ID:nLDE61G0WB]
Rogers Communications Inc (RCIb.TO) posted a quarterly profit, helped by cost control, improved churn and increased cash flow generation, and also raised its dividend by 10 percent and set a C$1.5 billion stock buyback plan. [ID:nN1699567]
Canadian home and auto insurer Intact Financial Corp IFC.TO posted a fourth-quarter profit, helped by strong underwriting performance in personal insurance, and increased quarterly dividend by about 6 percent.[ID:nSGE61G0HC]
North American potash inventories at the manufacturer level fell sharply in January, as dealers restocked supplies of the crop nutrient ahead of the spring planting season and overseas sales gained momentum.[ID:nN16249612]
Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. [RCH/CA]
* RBC raises West Fraser Timber (WFT.TO) price target to C$34 from C$30; Rating Sector Perform
* UBS cuts Katanga Mining Ltd (KAT.TO) to Neutral from Buy
* Macquarie raises Petrominerales Ltd PMG.TO price target to C$27 from C$22; Rating Neutral ($1=$1.04 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama)