October 23, 2009 / 12:26 PM / 9 years ago

CANADA STOCKS-TSX may open higher as earnings boost sentiment

 TORONTO, Oct 23 (Reuters) - Toronto’s main stock index could open higher on Friday, riding momentum from a rally in global stocks overnight, on hopes that corporate profitability has stabilized and the economic recovery is gathering pace.
 Solid earnings from several U.S. companies on Thursday helped to boost investor sentiment and trigger a greater appetite for riskier assets like equities.
 But the TSX’s heavy weighting in energy shares could cap any gain as the price of oil edged back toward $81 barrel after hitting a 1-year high earlier this week.
 The S&P/TSX composite index .GSPTSE finished 91.35 points higher, or 0.8 percent, at 11,533.37 on Thursday.
 Here is some news that could affect the market:
 Contract electronics maker Celestica Inc posted a marginal quarterly loss on Thursday, blaming restructuring charges and soft demand in what it said was a challenging and volatile environment. [ID:nN2236704]
 Canadian fertilizer maker Agrium Inc said it expects third-quarter earnings to fall 90 percent to 95 percent from a year ago, hurt by lower prices and margins for crop nutrients. [ID:nBNG237646]
 Transportation and logistics provider TransForce Inc posted a 36 percent drop in third-quarter profit, as weak demand in Alberta’s energy sector hurt its revenue. [ID:nBNG13389]
 Spot gold held firm on Friday, supported by expectations that further dollar weakness could spur bullion to record highs. [GOL/]
 Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
 * Blackmont raises Trinidad Drilling Ltd (TDG.TO) to “outperform” rating.
 * Blackmont raises Calfrac Well Services Ltd (CFW.TO) to “outperform” rating.
 * Raymond James, Blackmont and Macquarie all raise price targets on Precision Drilling Trust PD_u.TO.
 ($1=$1.05 Canadian)  (Reporting by Frank Pingue; Editing by Padraic Cassidy)                                      

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