March 25, 2009 / 12:21 PM / 9 years ago

CANADA STOCKS-TSX seen lower as commodities sag

TORONTO, March 25 (Reuters) - Toronto’s main stock index may open lower on Wednesday, pressured by weakness in the price of crude and metals.

However, Toronto may follow U.S. stocks, where index futures pointed to a higher open. [ID:nLP192567]

On Tuesday, the S&P/TSX composite index .GSPTSE fell 109.12 points, or 1.22 percent, to close at 8,849.39, as a slide in oil prices shook out some of the recent big gains.

Here is some news that could affect the market:

OIL FALLS

Oil fell by more than $1 to $52.90 in early trade on Wednesday after weak export data from Japan, and as investors paused to reassess U.S. plans to clean up bad assets at banks, halting a global equities rally.[ID:nSP461760]

GOLD, BASE METALS

Gold eased on Wednesday, but a softer tone on equity markets and strong investor interest are expected to support prices of the metal, while base metals were largely weaker. [ID:nLP140191] and [ID:nLP203526], w

ENERGY SECTOR

Britain’s Premier Oil (PMO.L) agreed to buy the North Sea unit of Canada’s troubled Oilexco Inc OIL.V for $505 million, as strong oil companies take advantage of low crude prices and tough debt markets to acquire weaker rivals. [ID:nLP108908]

FIRST URANIUM FIU.TO, URANIUM ONE UUU.TO

Raymond James raises First Uranium to outperform from market perform; price target to C$8.10 from C$5.20, while the brokerage cuts Uranium One to market perform from outperform. [ID:nWNAB7048]

IVERNIA IVW.TO

Griffin Mining Ltd (GFM.L) said on Wednesday it planned to make a C$27 million cash offer for Canadian base metals firm Ivernia Inc. [ID:nBNG494548]

SHAW COMMUNICATIONS INC (SJRb.TO)

Shaw Communications Inc announced a C$600 million senior note offering and said the proceeds will be used for debt repayment or redemption.[ID:nWNAB7004]

BOMBARDIER INC (BBDb.TO)

Bombardier Inc (BBDb.TO) said on Tuesday it expects big gains in aircraft orders as the economy picks up and companies start to replace older, inefficient planes mothballed during the downturn. [ID:nN24339560]

BANK OF NOVA SCOTIA (BNS.TO)

There are indications the global financial system has begun to stabilize, which is needed for the rest of the economy to recover, Bank of Nova Scotia’s (BNS.TO) chief executive said on Tuesday.[ID:nN24375570]

VECTOR AEROSPACE CORP RNO.TO

Aviation repair company Vector Aerospace Corp said Tuesday it signed an engine maintenance contract with Jazz Air LP and expects the deal to generate about $170 million over the seven-year term. [ID:nBNG487610]

CANADIAN RESEARCH

UBS raises Teck Cominco Ltd TCKb.TO to buy from neutral, price target to C$9 from C$5. For more research, see: [ID:nWNAB7169] [CA-RCH] ($1=$1.23 Canadian) (Reporting by Jennifer Kwan, Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below