TORONTO, Dec 24 (Reuters) - Toronto’s main stock index could open higher on Thursday, as rising metal and gold prices prop up the resource-heavy market in an abbreviated session.
The S&P/TSX composite index .GSPTSE could follow global markets, which extended gains to their highest levels in almost three weeks. U.S. stock index futures also pointed to a stronger open. [MKTS/GLOB] [.N]
Toronto’s main stock index gained for the third straight session Wednesday, as a falling U.S. dollar boosted commodity prices and sent shares of mining and energy companies higher.[ID:nN23166931]
Here is some news that could affect the market:
Gold prices rallied more than 1.5 percent to above $1,100 an ounce Thursday as the dollar lost ground and on the back of robust investment flows betting on higher bullion prices. [GOL/]
Copper rose near 15-month highs Thursday, underpinned by the dollar’s first decline in five sessions, supply concerns and expectations of increased demand. [ID:nLDE5BN08Y]
Oil fell 0.2 percent to $76.52 a barrel in relatively light trade after briefly touching a three-week high on equity gains and falls in inventories in key consumer markets. [O/R]
Toromont Industries Ltd (TIH.TO) said Wednesday it has received a “no action” letter from the competition bureau regarding an offer for Enerflex Systems Income Fund EFX_u.TO and said the commissioner has also waived the applicable waiting period under the Competition Act. [ID:nWNBB4242]
CANADA’S RESEARCH ROUNDUP
* Raymond James raises Savanna Energy Services Corp SVY.TO target price by C$0.50 to C$7; rated market perform
* Macquarie raises Canplats Resources Corp CPQ.V price target to C$4.90 from C$3.60; rated neutral.
($1=$1.05 Canadian) (Reporting by Irene Kuan; editing by Jeffrey Benkoe)