RTRS: TSX may gain on record gold, risk sentiment up
TORONTO (Reuters) - A record gold price and rising oil prices may guide Toronto's resource-laden main stock index higher at the open on Monday to extend gains for a fifth straight session.
Risk appetite was also well-supported from a pledge by the Group of 20 to keep economic stimulus in place until a recovery was assured. Finance ministers and central bankers of the G20 promised on Saturday to keep the aid flowing until an economic recovery was sustainable.
The S&P/TSX composite index finished Friday's session up 69.72 points, or 0.62 percent, at 11,250.42, with eight of its 10 main groups higher. The index was up 3.1 percent on the week.
Here is some of the news that may affect the market.
COMMODITY PRICES: RECORD GOLD
Gold hit a record high above $1,110 an ounce as the U.S. dollar index slid on expectations U.S. interest rates will remain low, boosting interest in the metal as an alternative asset. Spot gold reached a peak of $1,109.15 an ounce.
* See also: Oil jumps toward $79 on hurricane, dlr
ANGIOTECH
Angiotech Pharmaceuticals Inc reported a much smaller third-quarter loss than a year earlier, when the medical device company booked a huge writedown of goodwill.
MEGA BRANDS
Toymaker Mega Brands said that it would book a $72 million recovery when it reports its quarterly results after it settled outstanding legal action related to a 2006 suit. The action related to a suit concerning Rose Art, a toy company, which it purchased from the Rosen family in 2005.
RESEARCH ROUNDUP
Following is a summary of research actions on Canadian companies reported by Reuters on Monday.
* Genuity, RBC, cut Telus price target
* Raymond James raises SNC-Lavalin to "outperform" from "market perform"; Genuity, Versant, RBC ups price target
BAY STREET: TMX FACES LOSS OF MORE MARKET SHARE
Upstart rivals are set to take a still bigger bite out of TMX Group Inc's share of the Canadian stock trading market in coming months as competition heats up over pricing, product and technology.