July 31, 2009 / 12:30 PM / 9 years ago

CANADA STOCKS-TSX may open higher on firm metal prices

TORONTO, July 31 (Reuters) - Toronto’s main stock market index could open higher on Friday, lifted by firm metal prices and as investors bid the market higher on optimism the world economy is stabilizing.

World stocks rallied to fresh 9-1/2 month peaks on Friday as favourable corporate earnings fuelled recovery hopes [ID:nLV646052]

U.S. stock index futures edged higher on Friday as investors bet that key economic data will show the economic slump is ebbing. [ID:nN31410810]

On Thursday the S&P/TSX composite index .GSPTSE closed up 221.39 points, or 2.12 percent, at 10,676.72.

Here is some news that could affect the market:


Operations at a Guatemalan gold mine owned by Canada’s Goldcorp risk being disrupted after the government blocked the mine’s cyanide imports in a dispute over a fee, a legal advisor for the company said on Thursday. [ID:nN30156187]


Farmers in Western Canada are projected to harvest a 21 percent smaller crop from last year thanks to dry, cold weather that has slowed growth, the Canadian Wheat Board said on Thursday.[ID:nN31369729]


Oil slipped below $67 on Friday as investors turned their attention back to weak fundamentals after the previous day’s sharp equities-led gains. [ID:nSP388652]


Gold firmed on Friday as rising stock markets knocked the dollar and boosted assets seen as higher risk, but trading was muted ahead of fresh U.S. GDP data. [ID:nLV375024] Base metals were also higher. [ID:nLV379320]


Canada’s Norbord Inc, a producer of wood-based panels, posted a narrower-than-expected quarterly loss, helped by lower input prices and cost cuts. [ID:nBNG432139]


The decision by Fairfax Financial Holdings Ltd to go long in equities paid off in a big way in the second quarter, as the insurance holding company reported a solid gain in profit, but warned that future quarters may be bumpy.[ID:nN30367022]


Canada’s Canfor Corp reported a lower second-quarter profit as the softwood lumber producer continued to be hit by weaker housing activity in the United States. [ID:nBNG376101]


Canada’s Samuel Manu-Tech Inc swung to a second-quarter loss, hurt by lower volumes and selling prices, and said it does not expect to return to profitability until next year. [ID:nBNG521110]


* Genuity raises Bridgewater Systems BWC.TO price target to C$10 from C$7; rating buy.

* Raymond James raises Canadian Pacific Railway (CP.TO) price target to C$45 from C$42.75; rating market perform.

* Canaccord Adams cuts Paladin Energy PDN.TO price target to C$5.50 from C$5.75; rating buy. [ID:nBNG366166]

For more research, please see: [CA-RCH]

$1=$1.07 Canadian Reporting by Nina Lex; Editing by Chizu Nomiyama

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below