Toronto stocks may open lower Tuesday amid falling commodities prices and weak cues from the global equity markets. Traders might prefer the 'wait-and-watch' game ahead of an interest rate setting meeting by the U.S. Federal Reserve later today.
On Monday, the S&P/TSX Composite Index added 63.59 points or 0.54% to 11,863.56, to advance to its 7-week high.
The price of crude oil moved down after economic data from China signalled the nation's red-hot economy is cooling off.
Preliminary trade data from China today revealed the country's crude oil imports retreated to 18.8 million tons in July from a record high of 22.1 million tons a month ago. Crude for September was down $1.40 to $80.08 a barrel.
The price of gold slipped below $1,200 after advancing in the past seven of eight sessions. Gold for December delivery moved down $7.60 to $1,195.00 an ounce.
Blackberry maker Research In Motion may be in play amid reports that Saudi Arabia's telecoms regulator has decided not to go ahead with a planned ban on BlackBerry messenger services as mobile companies operating in the kingdom have satisfied certain regulatory requirements.
In corporate news from Canada, gold and silver mining company Gammon Gold reported improved second quarter net earnings of $0.08 per share compared to $0.03 per share last year. Analysts were expecting the company to report earnings of $0.07 per share this quarter.
Gold and copper producer Northgate Minerals reported lower second-quarter net earnings of $0.01 per share, compared to net earnings of $0.02 per share in the like period last year. However on an adjusted basis, net loss was $0.02 per share, compared to net income of $0.04 per share in the same quarter last year.
Gold mining company Golden Star Resources reported improved second quarter net income of $0.029 per share compared to net income of $0.002 per share in the year ago period.
Gold explorer Vista Gold dipped into the red in second quarter, reporting net loss of $0.09 per share, compared to net earnings of $0.11 per share in the prior year quarter.
Mineral mining company European Goldfields slipped into the red in second quarter, reporting net loss of $0.10 per share, compared to a profit of $0.01 last year.
Commercial Forest plantation operator Sino-Forest Corp. reported improved second-quarter net income of $0.26 per share, up from $0.23 per share in the same quarter last year. For fiscal 2010, capital expenditures are expected to be around $1.300 billion for plantation acquisitions, replanting and maintenance, and approximately $30 million for the development of manufacturing facilities integrated with plantation operations, the company said.
Communications solutions provider Wi-LAN Inc. reported second-quarter net loss of C$0.06 per share, compared to loss of C$0.01 per share last year. Excluding certain items, proforma earnings for the quarter declined to C$0.01 per share from prior-year's proforma earnings of C$0.03 per share. Further, Wi-LAN maintained its fiscal 2010 forecast, and still expects proforma earnings to be within the range of C$8.0 million to C$11.0 million and revenues within the range of C$43.0 million to C$47.0 million. The company declared dividend of C$0.0125 per common share.
In economic news Statistics Canada said the New Housing Price Index (NHPI) rose 0.1% in June, after advancing 0.3% in the previous month. On a yearly basis, the NHPI was up 3.3% in June following a 2.9% increase in May.
In another report, Canada Mortgage and Housing Corp. said housing starts in the nation fell to a seasonally adjusted annualized rate of 189,200 units in July from a revised 192,300 in June. Analysts were expecting for 186,500 starts in July.
Source:InvestorHub
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