TORONTO, Dec 30 (Reuters) - Toronto’s main stock index could open lower on Wednesday alongside slipping global stock markets and gold prices in thin end-of-year trading.
The S&P/TSX composite index .GSPTSE could follow commodity prices lower as the stronger U.S. dollar takes the shine off gold. Stock markets in Asia and Europe were also down, and U.S. stock futures lower, as investors consolidated gains in what for some was the final trading day of 2009. [MKTS/GLOB] [.N]
Toronto’s main stock index closed lower on Tuesday, snapping a four-day winning streak from before the Christmas break, as gold miners suffered from a slide in the price of bullion.
Trading is thin this week as many key players take an extended holiday break.
Here is some news that could affect the market:
Gold edged down in Europe on Wednesday as a rise in the value of the U.S. dollar curbed interest in the precious metal as an alternative asset, and made it a more expensive buy for other currency holders. [GOL/]
COPPER HITS 16-MO HIGH
Copper climbed to a fresh 16-month high above $7,300 on Wednesday as rising demand expectations for 2010, combined with strike action in Chile, supported prices. [ID:nLDE5BT0QW]
Oil held near $79 on Wednesday as cold weather in the United States and an expected fall in both U.S. crude and distillate stocks including heating oil countered a firmer dollar, shoring up prices after a five-day rally. [O/R]
GOLDCORP RAISES CANPLATS BID
Canadian gold producer Goldcorp Inc (G.TO) raised its bid for junior miner Canplats Resources Corp CPQ.V for the second time in a week on Tuesday, matching an increased offer from Minera Penmont and winning support from its takeover target. [ID:nN29155234]
PETROCHINA OIL SANDS BID APPROVED
Canada approved PetroChina’s (PTR.N)(0857.HK) bid for control of two oil sands projects, a deal it scrutinized under recently tightened rules for takeovers of strategic assets by foreign state-controlled companies. [ID:nN29197881]
ARCTIC PIPELINE REPORT DUE
The panel assessing the socioeconomic and environmental impact of a C$16.2 billion gas pipeline in northern Canada will issue its long-awaited report on Wednesday. [ID:nN29196884]
CIENA GETS NORTEL ASSETS
Canada’s industry minister approved Ciena Corp’s CIEN.O $769 million bid for a unit of bankrupt Nortel Networks Inc NRTLQ.PK and said the deal was likely to be of net benefit for Canada. [ID:nN29203540]
CANADA’S RESEARCH ROUNDUP
* Raymond James raises Corriente Resources CTQ.TO price target to C$8.60 from C$7; rating Market Perform [ID:nWNBB4596]
* Canaccord Adams raises Pure Technologies Ltd PUR.V target price to C$6.00 from C$4.70; reiterates Buy rating
* For more research, please see: [CA-RCH]
(Reporting by Andrea Hopkins, Editing by Chizu Nomiyama)