Enlarge Photo
(Reuters)
TORONTO (Reuters) - Toronto's main stock index may open lower on Friday as investors could be tempted to lock in gains after a sharp rally in the previous session.
Moves in the index could also be volatile heading into the weekend as investors digest a rash of corporate results to get a sense of how the economic recovery is doing.
Canadian gross domestic product data, due at 8:30 a.m. (1230 GMT), is expected to show the economy grew 0.1 percent in August after stagnating in July. The report is not expected to have much impact on stocks.
The S&P/TSX composite index rose 269.89 points, or 2.5 percent, to 11,075.22 on Thursday.
Here is some news that could affect the market:
IMPERIAL OIL LTD
Third-quarter profit at Imperial Oil fell 61 percent on lower prices for oil and natural gas and weaker refining results, Canada's No. 2 oil producer and refiner said on Thursday.
FAIRFAX FINANCIAL HOLDINGS LTD
Fairfax Financial Holdings Ltd, which deals in property and casualty insurance and reinsurance, said Thursday its quarterly profit jumped 20 percent due primarily to improved underwriting profit.
COGECO INC
Canadian cable and telecommunications company Cogeco Inc posted a 56 percent jump in quarterly profit on strong performance in its cable operations.
IGM FINANCIAL INC
IGM Financial, Canada's No. 2 mutual fund manager, said Thursday third-quarter profit skidded 16 percent amid falling revenue.
CANFOR CORP
Canada's Canfor Corp reported a narrower-than-expected third-quarter loss, helped largely by a foreign exchange gain, and said it will take curtailments at most of its sawmills over the Christmas period.
CANADIAN HYDRO DEVELOPERS INC
Canadian Hydro terminated an agreement to acquire a 4,400-megawatt offshore wind prospect, Canada's largest renewable energy company said Thursday.
COSSETTE INC
Cossette, Canada's largest home-grown advertising agency, urged shareholders Thursday to wait until its board reviewed a sweetened takeover offer from a North American private equity group before tendering their stock.
GOLD STEADY
Gold prices steadied just shy of $1,045 per ounce Friday, consolidating a 1.7 percent gain in the previous session, after data showed the United States is crawling out of recession, with investors eyeing the dollar for fresh direction.
OIL PRICES DIP
Oil prices hovered below $80 a barrel Friday, following a 3 percent jump the previous day, as doubts that prices may have run ahead of supply-and-demand fundamentals tempered the sentiment-fueled rally.
RESEARCH ROUNDUP:
Following is a summary of research actions on Canadian companies, as reported by Reuters. For more, please double click
* Raymond James raises Bombardier Inc to "outperform" from "market perform."
* Genuity cuts Lundin Mining Corp price target by 7 percent to C$5.30 with "buy" rating.
($1=$1.07 Canadian)
(Reporting by Frank Pingue; editing by Jeffrey Benkoe)
37.93 (0.33%)
