TORONTO, Sept 24 (Reuters) - Toronto’s main stock index will likely fall at the open on Thursday along with weak oil futures and a drop in world stocks as investors grow cautious ahead of the Group of 20 summit.
Leaders of the world’s biggest economies meet in Pittsburgh Thursday to discuss ways to nurture a fragile recovery from the worst global recession since 1930s and to help cushion the global economy from future crises. [ID:nN24427327]
On Wednesday, the S&P/TSX composite index .GSPTSE closed down 68.19 points, or 0.59 percent, at 11,517.54 as falling commodity prices erased gains after the U.S. Federal Reserve said the economy was recovering. [.TO]
Here is some news that could affect the market:
The Canadian government plans to extend a program to buy up to C$125 billion worth of insured mortgages, the Globe and Mail reported, without naming its sources. The program was scheduled to end next week, according to the paper. [ID:nBNG338328]
Research in Motion Ltd is expected to forecast strong gains for its current quarter on Thursday as it gets set to update its BlackBerry smartphones for consumers and business users. [ID:nN22344504]
Canadian media firm CanWest Global Communications Corp will sell down its 50.06 percent stake in Australia’s Ten Network Holdings Ltd TEN.AX, worth about A$714 million, in a move that could put Ten into play. [ID:nSYD536785]
BROOKFIELD ASSET MANAGEMENT (BAMa.TO)
Brookfield Asset Management said on Wednesday it was seeking substantial acquisitions in asset classes and geographies where it is most experienced. [ID:nN23416909]
CI FINANCIAL (CIX.TO)
CI Financial Corp, one of Canada’s largest independent mutual fund managers, said Wednesday assets under management were at C$93.5 billion for the year to date, up from second-quarter figures released last month. [ID:nN23411321]
Oil prices fell toward $68 a barrel after dropping nearly 4 percent in the previous session as a surprise jump in U.S. crude and product stocks raised concerns that prices may have run ahead of demand fundamentals. [O/R]
Gold ticked higher Thursday, supported by recent dollar weakness and as risk-averse investors sold equities ahead of the Group of 20 summit. [GOL/]
Copper slipped to a 3-week low Thursday, as demand worries dogged investors after inventory levels jumped and the U.S. Fed failed to boost sentiment. [MET/L]
CANADIAN PACIFIC RAILWAY (CP.TO)
Canadian Pacific Railway Ltd Chief Executive Fred Green said he can’t predict when the economy will recover fully and is focused on using the downturn as a chance to experiment and prepare for better times.
Shares in a handful of small companies active in Canada’s oil sands have been whipped up in frenzied speculative trading for more than a week based on little more than hope that foreign buyers may be interested in them. [ID:nN23136462]
European Union regulators said Thursday they would carefully scrutinize any state aid given to carmaker Opel as countries with Opel plants heaped pressure on the European Commission to ensure strict rules are followed. [ID:nBFA000950]
Blackmont raises Calfrac Well Services Ltd (CFW.TO) price target to C$19 from C$12.50; rating sector perform.
Raymond James cuts Etruscan Resources Inc EET.TO to “market perform” from “outperform.”
Blackmont raises Plutonic Power Corp PCC.TO price target to C$5.50 from C$5.25; rating “outperform.”
For more research, please see [CA-RCH]
$1=$1.07 Canadian Reporting by Jennifer Kwan; editing by Jeffrey Benkoe