June 26, 2009 / 12:37 PM / in 8 years

CANADA STOCKS-TSX may open mixed after big rally

TORONTO, June 26 (Reuters) - Toronto’s main stock index could open mixed on Friday as firmness in commodity prices boosts some resource companies, but gains could be limited as investors lock in profits after gains in the previous session.

Commodity prices and world stocks rose, while the U.S. dollar and government bond prices slipped Friday, when investors cautiously put money back into riskier assets [MKTS/GLOB]. However, U.S. stock index futures pointed to a weak open on profit taking. [ID:nN26320849]

On Thursday, Toronto’s main stock index, the S&P/TSX composite index .GSPTSE, closed 254.92 points, or 2.52 percent higher at 10,355.85.

Here is some news that could affect the market:

POTASH (POT.TO)

Potash Corp of Saskatchewan Inc (POT.TO)(POT.N), the world’s biggest fertilizer producer, slashed its second-quarter earnings forecast Thursday due to substantially lower-than-expected potash sales volumes, and shares fell 7.8 percent in after-hours trading. [ID:nN25293238]

MAGNA INTERNATIONAL INC MGa.TO

German Economy Minister Karl-Theodor zu Guttenberg said in a newspaper interview on Friday that discussions about troubled car maker Opel International Inc OPL.V remained open but that a solution needed to be found fast. The German government last month brokered a preliminary deal for Magna to take over Opel. [ID:nLQ592139]

OIL STEADY

Oil was flat around $70 a barrel on Friday. Earlier, it climbed after Nigerian rebels said they blew up a wellhead in a Royal Dutch Shell Plc (RDSa.L) oilfield and as equity markets rallied on optimism the global recession was easing. [ID:nSIN249975]

GOLD, BASE METALS

Gold hit a two-week high above $945.00 per ounce on Friday, lengthening its gains as the dollar retreated broadly, while rising oil prices raised its appeal as a potential inflation hedge. [ID:nLQ717580] Base metal prices also were higher. [ID:nLQ1476]

MOSAID MSD.TO

Canada’s Mosaid Technologies Inc posted a better-than-expected fourth-quarter profit on strong patent licensing revenue, but forecast first-quarter and fiscal 2010 earnings below analysts’ estimates. [ID:nBNG505184]

TEMBEC INC TMB.TO

Canadian forest products company Tembec said it has extended the curtailment of the Pine Falls, Manitoba, newsprint operations by three weeks.[ID:nBNG514494

CANADA RESEARCH

UBS cuts Teck Resources Ltd TCKb.TO price target to C$21 from C$22; rating “buy.”

RBC cuts Inmet Mining Corp IMN.TO price target to C$50 from C$52; rating “outperform.”

UBS cuts price target of Opti Canada Inc OPC.TO to C$3.25 from C$4; rating “buy.” For more research, please see: [CA-RCH] ($1=$1.15 Canadian) (Reporting by Nina Lex; editing by Jeffrey Benkoe)

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