CANADA STOCKS-TSX may rise on gold and oil
TORONTO, Nov 11 (Reuters) - Toronto's main stock market index could open stronger on Wednesday as gold flirts with the possibility of reaching a new record high, but activity could be light as some North American markets are closed for a holiday.
The resource-heavy S&P/TSX composite index .GSPTSE could also get a boost from firmer oil prices as the price of crude climbed on the back of a weak U.S. greenback.
The Canadian bond market and government offices are closed for Remembrance Day, while Canadian stocks trade normal hours. The U.S. bond market and government offices are also closed.
Toronto's main stock index fell for the first time in six sessions on Tuesday as investors cashed in recent profits and weaker oil prices pressured energy companies. [nN10325326]
Here is some of the news that may affect the market:
GOLD HITS RECORD HIGH
Gold hit a record high near $1,120 an ounce on Wednesday as a dollar index .DXY fell to 15-month lows, with expectations that a U.S. economic recovery will be erratic seen keeping American interest rates low for a while. [ID:nLB394090]
OIL FIRMS
Oil firmed above $79 on Wednesday as a 15 month low in the dollar diverted investors' focus from fundamentals, with weekly U.S. government inventory data being delayed by one day to Thursday. [ID:nSIN477862]
POSITIVE CHINESE DATA
Chinese factory output growth surged to a 19-month high in October, showing the world's third-largest economy has firmly put the worst of the global financial crisis behind it. [ID:nPEK212006]
BARRICK GOLD
Barrick Gold Corp (ABX.TO), the world's biggest gold producer, sees the potential for record margins in the fourth quarter as gold prices hit new peaks and costs are stable or lower, its chief financial officer said on Wednesday.[ID:nLB169457]
INTACT FINANCIAL SWINGS TO LOSS
Canadian home and auto insurer Intact Financial Corp (IFC.TO) swung to a third-quarter net loss, hurt by weak underwriting results and an accounting loss. [ID:nBNG515885]
PAN AMERICAN SILVER PROFIT TRIPLES
Canadian silver miner Pan American Silver (PAA.TO) saw third-quarter profit almost triple as the expansion of two mines boosted silver and gold production. [ID:nBNG476613]
KINROSS GOLD TO RESTART ECUADOR PROJECT
Kinross Gold (K.TO) said on Tuesday it has received authorization from the government of Ecuador to restart development of its Fruta del Norte gold project, which it put on hold last year when the country froze mining activity. [ID:nN10334676]
RESEARCH ROUNDUP:
The following is a selection of research actions on Canadian companies reported by Reuters on Wednesday. For more, please double click [RCH/CA]:
* Raymond James raises ATS Automation Tooling Systems (ATA.TO) price target to C$8.25 from C$7.75; raises rating to buy from neutral.
* Blackmont raises Silver Wheaton (SLW.TO) price target to C$20 from C$16.50; rating outperform. ($1=$1.04 Canadian) (Reporting by Scott Anderson; Editing by Theodore d'Afflisio)
