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TORONTO, Sept 25 (Reuters) - Toronto’s main stock index could get off to a higher start on Friday as firm oil, gold and base metals prices lift the resource-laden market.
But any gains could be hindered by a dip in world stocks [MKTS/GLOB] and disappointing results from BlackBerry maker Research in Motion RIM.TO RIMM.O.
On Thursday, the S&P/TSX composite index .GSPTSE closed down 231.78 points, or 2 percent, at 11,285.76, pulled down by falling oil and metals prices, as caution returned to the market.
Here is some news that could affect the market:
Shares of Research In Motion fell more than 11 percent on Friday after the BlackBerry maker reported a lower profit and gave an outlook that fell short of analysts’ expectations. [ID:nN25259661] [ID:nN24466680] [ID:nN25259661]
Goldman Sachs cuts Research in Motion to neutral from buy; removes from Americas conviction buy list.
UBS cuts RIM price target to $84 from $88; keeps neutral rating.
Genuity cuts RIM price target to $105.00 from $110; rating buy.
Raymond James cuts RIM to market perform from outperform; cuts target price to $85 from $90.
KLONDEX MINES (KDX.TO)
Paramount Gold and Silver Corp’s PZG.TO (PZG.A) deal to buy Klondex Mines Ltd fell apart on Thursday, with Klondex alleging that Paramount’s disclosure about a project in Mexico was misleading. [ID:nBNG527787]
Onex Corp OCX.TO, the Canadian private equity firm, sees potential for acquisitions in U.S. commercial real estate, but does not plan to use much of its C$4 billion warchest to invest in it. [ID:nN24451516]
Oil rose above $66 a barrel on Friday, recovering from the previous day’s drop to an eight-week low, but gains were limited by doubts about the strength of economic recovery and high fuel inventories. [O/R]
Gold edged up on Friday as the dollar retreated from its previous day’s rally, and as cautious investors eyed the Group of 20 meeting for indications on how global economic recovery could progress. [GOL/]
Copper recovered on Friday from a one-month low, underpinned by a surprise decline in global inventories and bets demand will recover in the medium to long term. [MET/L]
CanWest Global Communications Corp sold its 50.06 percent stake in Australia’s Ten Network Holdings Ltd TEN.AX at A$1.30 per share, the Australian firm said on Friday. [ID:nSYU007274]
UBS raises Onex Corp OCX.TO price target to C$33 from C$32; keeps buy rating.
JP Morgan starts Biovail Corp BVF.N with overweight rating and $19 price target.
RBC raises Fronteer Development FRG.TO price target to C$6 from C$5.50; rating outperform.
Macquarie raises Calfrac Well Services (CFW.TO) price target to C$21 from C$19.
For more research, please see: [RCH/CA]
$1=$1.09 Canadian Reporting by Jennifer Kwan; Editing by Theodore d'Afflisio