TORONTO, Sept 29 (Reuters) - Toronto’s resource-heavy index could open higher on Wednesday with oil prices higher and gold rallying to a fresh record high boosted by a weaker U.S. dollar.
FACTORS TO WATCH
* Canadian equity futures <0#SXF:> pointed to a higher open.
* U.S. stock index futures edged lower on Wednesday as investors remained cautious after a September rally but appeared willing to get into the market on dips. [.N]
* European shares fell on Wednesday, with investor uncertainty about the global economic recovery weighing and retailers slipping as Hennes & Mauritz (HMb.ST) missed quarterly profit forecasts. [.EU]
* Stocks outside Japan rose 0.6 percent, poised for their biggest monthly gain since July 2009, up 11.8 percent, in what is historically one of the worst months for stocks.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.16 percent in early trade.
* Oil rose on Wednesday, supported by a weaker dollar, strong Chinese manufacturing data and a fall in U.S. crude and winter fuel stocks, easing a surplus that has weighed on the market for months. [O/R]
* Gold prices rallied to record highs in Europe on Wednesday on fears moves by the Federal Reserve to tackle the sluggish U.S. economy would undermine the dollar, boosting investment in bullion as an alternative asset.[GOL/]
* Copper breached the $8,000 level for the first time since mid-April on Wednesday as weak U.S. data in the previous session and talk of further quantitative easing by the Federal Reserve weighed on the dollar. [MET/L]
CANADIAN STOCKS TO WATCH
* Boralex Inc (BLX.TO): The power producer said 73 percent of Boralex Power Income Fund BPT_u.TO unitholders favour its C$227 million takeover offer and it will call a special meeting to lower the threshold of units required for the deal to go through. [ID:nSGE68Q0L1]
* International Tower Hill Mines (ITH.TO): The mineral explorer said it would raise about C$105.4 million to finance development at its Livengood Gold project in Alaska. [ID:nSGE68R0MR]
* Vecima Networks Inc (VCM.TO): The communications equipment maker swung to a quarterly loss for the first time in 22 years, hurt by a strong Canadian dollar, an increase in research and development costs and lower gross margins. [ID:nSGE68R0MK]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Crocotta Energy CTA.TO price target raised to C$2 from C$1.80; rating outperform at Raymond James
* Guyana Goldfields Inc (GUY.TO) price target raised to C$12.10 from C$11.35; rating outperform at Raymond James
* ZCL Composites (ZCL.TO) rating raised to outperform from market perform at Raymond James ($1=$1.03 Canadian) (Reporting by Bangalore newsroom and Jennifer Kwan in Toronto; Editing by James Dalgleish)