TORONTO, Oct 27 (Reuters) - Toronto’s main stock index could open higher on Tuesday as a rebound in prices for gold and oil may offer an early boost to the resource-heavy index.
And with the TSX coming off a skid of more than 1 percent in the previous session, investors may be tempted to snap up reduced shares and add key names to their portfolios with just four sessions left before the end of October.
But any move higher may be held in check as U.S. futures cut earlier gains as investors took in the latest round of corporate results there. Also, emerging markets and Japanese shares fell overnight, which could effect sentiment in North America. [ID:nLR27979]
The S&P/TSX composite index .GSPTSE fell 147.25 points, or 1.29 percent, to 11,234.88 on Monday.
Here is some news that could affect the market:
ROGERS COMMUNICATIONS INC (RCIb.TO)
Rogers Communications Inc posted a dip in quarterly profit that still beat expectations on Tuesday and said subscribers snapped up smartphones like Research In Motion’s RIM.TORIMM.O BlackBerry and Apple’s (AAPL.O) iPhone despite the recession. [ID:nN26193953]
Canadian gold miner Kinross lowered its full-year 2009 production outlook and raised its average cost of sales estimate, as the company’s production ramp-up at its Paracatu mine in Brazil is progressing more slowly than expected. [ID:nN27230566]
QLT INC QLT.TO
Canadian eye care company QLT Inc reported lower third-quarter profit on Tuesday and said it would record a fourth-quarter gain of more than $100 million from the sale of its QLT USA division. [ID:nN2720510]
VITRAN CORP INC VTN.TO
North American transportation company Vitran Corp Inc VTNC.O reported an 86 percent drop in quarterly profit on Tuesday, hurt by fluctuation in fuel surcharge and foreign exchange on the company’s Canadian operations. [ID:nN26539414]
BALLARD POWER SYSTEMS BLD.TO
Canadian hydrogen fuel-cell developer Ballard Power Systems posted a narrower quarterly loss, helped by lower operating costs and expects full-year revenue to come in at the low end of a previously stated range. [ID:nBNG49035]
INDIGO BOOKS & MUSIC (IDG.TO)
Indigo Books & Music, Canada’s biggest book retailer, posted a drop in quarterly profit on Monday as it dealt with a tough economy and continued to invest in its mobile-phone download business. [ID:nN26206892]
Gold prices rallied from three-week lows in Europe on Tuesday, with the metal’s appeal to investors enhanced as the dollar resumed its broad decline against a basket of major currencies. [GOL/]
OIL REVERSES SKID
Oil rose above $79 a barrel on Tuesday, up after three straight days of decline as investors awaited new leads from equities markets and weekly crude inventory data from the United States. [O/R]
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* UBS cuts Kinross Gold (K.TO) price target by 7.4 percent to C$25 with “buy” rating.
* Macquarie raises TrsansCanada (TRP.TO) price target 2.8 percent to C$36.
($1=$1.07 Canadian) (Reporting by Frank Pingue; Editing by Theodore d’Afflisio)