December 23, 2009 / 1:45 PM / 9 years ago

CANADA STOCKS-TSX could open higher as commodities steady

 TORONTO, Dec 23 (Reuters) - Toronto’s main stock index could open higher on Wednesday as firmer commodity prices boost shares of energy and mining companies on the resource-laden index.
 The S&P/TSX composite index .GSPTSE could also follow global equities, which rose for a third straight day after upbeat U.S. housing market data fanned expectations for a solid recovery in the U.S. economy. U.S. stock index futures also pointed towards a higher open. [MKTS/GLOB] [.N]
 Here is some news that could affect the market:
 North and South American users of Research in Motion Ltd’s BlackBerry smartphone suffered widespread delays in message services on Tuesday, just a week after another outage struck the popular corporate network. [ID:nN22135346]
 Canadian nickel and copper miner FNX Mining said it expects a 31 percent increase in 2010 ore production and said majority of the production is expected from copper-precious metal dominant deposits. [ID:nSGE5BM0IP]
 Goldcorp Inc. said on Wednesday the company has the right to match competing proposal to acquire Canplats Resources and said learned Minera Penmont has made offer to buy Canplats CPQ.V for $4.20 per share. [ID:nWNBB4000] [ID:nLDE5BM0DQ]
 Nortel Networks Corp said on Wednesday it has filed a motion to sell certain assets of Carrier VOIP, application solutions business. [ID:nWNBB3982]
 Bombardier Inc. said on Wednesday it has received an order from Transitio in Sweden for the delivery of 11 three-car contessa trains and said the order is valued at about $137 million. [ID:nWNBB3981]
 SNC-Lavalin Group Inc said on Tuesday it had bought an engineering business in Brazil, an acquisition one analyst expects will be followed by others as Canada’s biggest engineering company dips into its sizable cash pile. [ID:nN22122713]
 Oil traded above $74 on Wednesday, buoyed by a sharp drawdown in U.S. crude stocks and an unexpected fall in gasoline inventories, but held in check by a firmer dollar. [O/R]
 Gold prices steadied in Europe on Wednesday as the metal’s slide to a seven-week low in the previous session prompted buying of physical stocks of the precious metal. [GOL/]
 * Raymond James raises Canfor Pulp CFX_u.TO price target to C$8.50 from C$7; rating market perform.
 * Canaccord Adams raises Mainstreet Equity Corp (MEQ.TO) target price to C$13; keeps buy rating.
 For more research, please see: [CA-RCH]
 ($1=$1.05 Canadian)  (Reporting by Irene Kuan; Editing by Chizu Nomiyama)                                         

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