CANADA STOCKS-TSX may open lower on slipping oil, Greece
TORONTO, April 6 |
TORONTO, April 6 (Reuters) - Toronto's main stock index may open lower on Tuesday as a dip in oil prices from 18-month highs weighs on the energy sector, but a boost in gold prices could help offset the losses.
The index could also follow U.S. futures, which edged lower after a report Greece wants to renegotiate a deal for financial aid spurred investors to seek less risky assets. [.N]
Toronto's main stock market index rose to an 18-month high on Monday before paring gains, as rising oil prices and firm U.S. economic data bolstered hopes for a sustained recovery.
Here is some news that could affect stock prices:
GREECE WANTS TO AMEND EU AID DEAL
Greece's government, concerned that the IMF would impose tough conditions in exchange for aid, wants to amend a deal struck at an EU summit last month to bypass an IMF financial contribution, senior government sources in Athens told Market News International. [ID:nSGE635012]
OIL SLIPS
Oil retreated from 18-month highs after rallying for five sessions in a row, as the dollar's rise following strong U.S. economic data weighed on a number of key commodities. [O/R]
EURO ZONE FEARS BOOST GOLD
Fears over the fiscal health of smaller euro zone economies also lifted euro-priced gold to record highs at 841.89 euros an ounce, as the single currency fell after reports Greece wanted to amend a European Union aid deal. [GOL/]
CANADIAN DOLLAR HITS PARITY
The Canadian dollar rose to one-for-one footing with the U.S. currency on Tuesday, hitting its strongest level since July 2008, boosted by rising commodity prices and expectations for higher domestic interest rates. [CAD/]
METALS EXPLORATION SPENDING
Exploration spending by miners worldwide will jump sharply this year as metals prices rally and financing improves, reversing last year's slump, and a growing share will be spent on gold, according to a senior analyst at the Metals Economics Group. [ID:nN06143833]
ENERGY M&A
Italy's antitrust authority has approved Enel's (ENEI.MI) purchase of the Italian assets of Canada's Stratic Energy SE.V, it said in its regular bulletin. [ID:nLDE63510S]
SANDVINE POSTS PROFIT
Canadian network equipment maker Sandvine Corp (SVC.TO) posted a surprise quarterly profit, helped by better sales and lower costs. [ID:nSGE6350F4]
GHANA GOLD MINE
Keegan Resources Inc (KGN.TO) said results from a preliminary economic assessment study of its Esaase gold project in southern Ghana showed gold production over the first three years, on average, would be 243,300 ounces of gold a year. [ID:nSGE6350DK]
RESEARCH ROUNDUP
Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. [RCH/CA]
* Raymond James cuts Agnico-Eagle Mines (AEM.TO) price target to $73.70 from $76; rating outperform
* Desjardins raises Allied Nevada Gold (ANV.A) price target to $20.75 from $18; rating buy
* RBC raises Astral Media (ACMa.TO) price target to C$44 from C$43, rating outperform
* UBS raises Brookfield Properties (BPO.TO) price target to $15.50 from $15. rating neutral
* Macquarie raises Enbridge Inc (ENB.TO) price target by C$1 to C$52, rating outperform
* RBC raises Norbord Inc (NBD.TO) price target to C$26 from C$24; rating outperform (Reporting by Claire Sibonney; Editing by Jeffrey Hodgson)
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