Early Signals Point To A Higher Open For TSXToronto stocks may edge up at open Tuesday amid firm commodities prices after the Bank of Japan surprised markets by lowering its interest rates. Moreover, positive cues from the global equity markets might also lift trader sentiment.
On Monday, the S&P/TSX Composite Index lost 40.14 points or 0.32% to 12,322.94, extending losses for a third day.
The price of crude oil edged up amid supply disruptions in France's biggest oil port. Crude for November was up $0.75 to $82.22 a barrel.
The price of gold continued to hit record highs amid a weak U.S. dollar after the BoJ lowered its interest rate. Traders bet the Federal Reserve will follow closely behind with quantitative easing of its own, which could put more pressure on the greenback.
Gold for December advanced to record high of 1,332.10 an ounce, adding $15.30 over its previous close.
The conference board of Canada in its latest report said BHP Billiton's hostile takeover offer for Potash Corp. would reduce tax and royalty revenues for the province by at least $2 billion over the next 10 years.
In corporate news from Canada, insurance services provider Fairfax Financial Holdings said it had completed the public offering of its preferred shares for about $291 million.
Software solutions provider Constellation Software said it has received about EUR 5 million from Continental Automotive AG as settlement proceeds relating to the value of certain tangible net assets acquired earlier from Continental.
Pharmacy retailer The Jean Coutu Group reported improved second quarter net earnings of C$42.6 million or C$0.18 per share compared to C$14.9 million or C$0.07 per share last year. The company declared a quarterly dividend of $0.055 per share.
Airlines services provider Air Canada said it will commence Toronto city airport flights from February 2011.
Commercial real-estate company Brookfield Properties and Brookfield Homes Corp. said they would combine Brookfield Homes and the North American residential land and housing division of Brookfield Office Properties into Brookfield Residential Properties Inc.
Base metal miner Breakwater Resources said employees at its Chile mines gone on strike.
Mineral properties explorer Bolero Resources Tuesday said that it completed private placement of 4 million units for $1 million.
3D geometric technology solutions provider Intermap Technologies announced the appointment of Nigel Jackson, as its interim CFO, effective October 4, 2010.
Earlier today, the Bank of Japan unexpectedly lowered interest rates to effectively zero and opened door for more asset purchases, which is seen as a prelude for other major economies to move to more monetary easing measures.
Meanwhile, the Reserve Bank of Australia surprised by holding its interest rates at 4.50%, belying economists' expectations for a 25-basis point hike to 4.75%.