TORONTO, March 20 (Reuters) - Toronto’s main stock index could open lower on Friday, pressured by weakness in the price of oil and gold and as investors book profits after eight sessions of gains.
World stock markets .MIWDOOOOOPUS dropped in part on concern about the inflationary effects of a U.S. Federal Reserve plan announced this week to buy government debt [MKTS/GLOB]. However, U.S. stock index futures pointed to a slightly higher open. [ID:nLK321495]
On Thursday, the S&P/TSX composite index .GSPTSE rose 61.39 points, or 0.71 percent, to 8,690.49, as the Fed’s plan to fight the recession boosted commodity prices and buoyed the resource-heavy index.
Here is some news that could affect the market:
AbitibiBowater Inc ABH.Ncould be in focus on Friday after a newspaper report this week said secured creditors on not yet signed off on the newsprint producer’s debt restructuring plan. [ID:nN19445780]
KINROSS GOLD (K.TO)
Kinross Gold made a surprise move into the diamond industry on Thursday, saying it will pay $150 million for a stake in diamond miner and retailer Harry Winston Diamond HW.TO and an additional share of its minority-owned Diavik diamond mine in Canada’s Arctic. [ID:nN19450415]
DENISON MINES (DML.TO)
Shares of Denison Mines (DML.TO) plunged 20 percent on Thursday after the uranium miner suspended some of its operations and said it may have to sell assets to keep from violating a debt covenant. [ID:nN19439966]
Oil fell from a four-month high on Friday, paring the previous session’s 7 percent rise, on a weaker dollar and doubts over the effectiveness of the U.S. Federal Reserve’s $1 trillion package to revive the economy. [ID:nSYD121188]
Gold crept down on Friday as dealers in China and Southeast Asia booked profits, taking advantage of bullion’s rise to a near three-week high a day earlier, but a holiday in Japan may keep volumes thin. [ID:nSP429453] Base metals were mixed. [ID:nSP452627]
Raymond James raises price target of Talisman Energy TLM.TO to C$13 from C$12 and starts Suroco Energy SRN.V with outperform and a price target of 60 Canadian cents. [ID:nBNG356214] For more research please see: [CA-RCH]
Canadian molybdenum producer Thompson Creek Metals Co Inc posted a fourth-quarter loss, hurt by charges and a sharp decline in molybdenum prices. [ID:nBNG467472]
Gennum Corp is buying intellectual property firm Tundra Semiconductor in a cash and stock deal worth C$86 million, the companies announced. [ID:nN19454570] ($1=$1.24 Canadian) (Reporting by Jennifer Kwan, Editing by Frank McGurty)