November 18, 2009 / 1:25 PM / 9 years ago

CANADA STOCKS-TSX may open higher on gold, data eyed

TORONTO, Nov 18 (Reuters) - Toronto’s main stock market index could open higher on Wednesday as strong oil and record gold prices boost the resource-heavy market, while investors digest the latest inflation data from both Canada and the United States.

Canadian consumer prices rose on an annual basis in October for the first time since May due to less downward pressure on gasoline prices and rising food and household costs, Statistics Canada said on Wednesday. [nN1892543]

Investors are also bracing for the release of U.S. consumer price index figures for October. Economists in a Reuters survey expect a 0.2 percent rise, a repeat of the September increase.

Toronto’s main stock index rose on Tuesday as commodity prices ticked higher and shares of Potash Corp of Saskatchewan POT.TO rallied after billionaire investor George Soros’s hedge fund raised its stake in the company.

Here is some of the news that may affect the market:


Gold hit a fresh record high near $1,150 an ounce on Wednesday, boosting precious metals across the board, as a dip in the dollar index .DXY added to momentum buying after prices broke through key technical resistance levels. [nLI555554]


Oil rose above $80 per barrel on Wednesday as the dollar weakened against a basket of other currencies and after an industry report showed U.S. crude oil stocks fell steeply last week. [nSYD401359]


Metro Inc MRUa.TO said on Wednesday that a strong performance at its Ontario stores helped Canada’s No. 3 grocery chain deliver quarterly results that topped expectations. [nN18489798]


Canada’s Cosmos Capital raised its takeover offer late on Tuesday for advertiser Cossette Inc KOS.TO, matching a rival offer by a U.S. private equity group and saying it could go even higher. [nN18504712]


Negotiators for Canadian National Railway Co (CNR.TO) (CNI.N) and its 1,700 unionized locomotive engineers will resume talks on a new labor contract on Wednesday, a company spokesman said. [nN1753531]


Canadian oil and gas explorer Niko Resources (NKO.TO) said on Wednesday it will buy Black Gold LLC to expand its deepwater exploration acreage in Indonesia. [nN1894778]


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

* UBS cuts Loblaw Companies (L.TO) price target to C$38 from C$39; Rating Buy

*Scotia raises Uranium One Inc UUU.TO share price target to C$3.75 from C$3.70

$1=$1.05 Canadian Reporting by Scott Anderson; Editing by Theodore d'Afflisio

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