TORONTO, Nov 25 (Reuters) - Toronto’s main stock market could open higher on Wednesday as record gold prices and firm U.S. crude buoys the resource-laden index.
Meanwhile, investors will also take time to digest a plethora of U.S. data, including weekly jobless claims and durable goods orders, ahead of the U.S. Thanksgiving holiday.
Toronto’s main stock index fell on Tuesday, pulled lower by weakness in energy and metals producers, and weighed down by data showing a slow economic recovery in the United States. [nN24257722]
Here is some of the news that may affect the market:
Gold prices hit record highs at $1,180.00 an ounce in Europe on Wednesday, boosted by a report that India may consider buying more bullion from the International Monetary Fund, and the U.S. weaker dollar. [nGEE5AO0VV]
Oil rose above $76 a barrel on Wednesday as the dollar weakened and investors awaited a report on U.S. inventories that was expected to show rising crude stockpiles and lower distillate supplies. [nGEE5AO0YD]
The Canadian dollar rose to a one-week high against the U.S. dollar on Wednesday after the Russian central bank said it was preparing to invest some of its foreign exchange reserves in the Canadian currency. [nGEE5AO16S]
Ericsson (ERICb.ST), the world’s top mobile network gear maker, agreed to buy part of the North American GSM business of bankrupt Nortel Networks NRTLQ.PK to help boost its presence in the key U.S. market.[nGEE5AO0DH]
Teck Resources TCKb.TO, which has spent the past year digging itself out from a mountain of debt taken on to purchase Fording Canadian Coal Trust, expects to have debt levels back within target ranges soon, the company’s chief executive said on Tuesday. [nN24314987]
Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. [RCH/CA]
* Credit Suisse raises Bank of Montreal (BMO.TO) price target to C$49 from C$42; Rating Underperform
* JP Morgan raises Domtar Corp (UFS.N) price target to $62 from $52; Rating Overweight
* Blackmont raises Aecon Group Inc (ARE.TO) price target to C$16.50 from C$16; Rating Outperform
* Raymond James starts Dollarama Inc (DOL.TO) with outperform rating and C$23 price target
$1=$1.05 Canadian Reporting by Scott Anderson, Editing by Chizu Nomiyama firstname.lastname@example.org; +1 416 941 8106; Reuters Messaging: email@example.com