March 17, 2010 / 12:40 PM / 9 years ago

CANADA STOCKS-TSX may gain on firm resources, Fed stance

 TORONTO, March 17 (Reuters) - Toronto’s main stock index could push higher on Wednesday as investors flocked to riskier assets after the U.S. Federal Reserve renewed a pledge to keep interest rates low for a while.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE could follow global markets, which climbed in response to a relatively rosy outlook from the U.S. central bank. U.S. stock index futures also pointed to a higher open. [.N] [MKTS/GLOB] [ID:nN16251615]
 Here is some news that could influence stock prices:
 Brookfield Properties Corp may buy some 20 buildings around the Washington D.C area that fell into default last summer, the Wall Street Journal said, citing people familiar with the situation. [ID:nSGE62G07E]
 Oil extended gains to above $82 a barrel on Wednesday, rising to within $2 of this year’s high as Saudi Arabia’s oil minister described prices as “beautiful” at OPEC’s production meeting in Vienna. [O/R]
 Gold extended gains and rose to its highest in more than a week on Wednesday as a U.S. Federal Reserve decision to hold interest rates unchanged hit the U.S. dollar and burnished the metal’s investment appeal. [GOL/]
 Copper hit a one-week high on Wednesday as the dollar slipped, inventories fell and talk of a Chinese yuan revaluation helped boost sentiment. [MET/L]
 Timminco Ltd reports fourth quarter loss per share of 48 Canadian cents and Q4 consolidated sales of C$25.5 million. [ID:nWNAB0208]
 The resignation of WestJet Airlines Ltd’s chief executive caught investors off guard, knocking the carrier’s shares lower on Tuesday, but his replacement by an industry veteran may be just what the former market darling needs, analysts said. [ID:nN1695963]
 EnCana Corp, Canada’s No. 1 natural gas producer, said on Tuesday it will boost its 2010 capital budget by 20 percent to $4.5 billion as it takes step to double production over the next five years, despite low prices for the fuel. [ID:nN1692833]
 Raymond James raises EnCana Corp raises price target to C$36.50 from C$35; keeps market perform rating. Macquarie cuts EnCana to neutral from outperform.
 JP Morgan raises Domtar Corp (UFS.N) price target to $78 from $66; rating overweight.
 Desjardins cuts MDS Inc MDZ.N price target to $8.50 from $9; rating hold.
 Macquarie raises First Quantum Minerals (FM.TO) target price to C$110 from C$95; rating outperform.  ($1=$1.01 Canadian)  (Reporting by Jennifer Kwan; Editing by James Dalgleish)   

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