CANADA-STOCKS- TSX may open higher; focus on Fed and Obama

Jan 27 (BestGrowthStock) – Toronto’s main stock index may open
slightly higher on Wednesday, as an uptick in oil prices could
boost Canada’s influential energy sector, although gains may be
offset by a slip in gold prices.

Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE: )
could follow U.S. futures higher, as investors awaited a new
round of corporate results and economic data as well as the
outcome of a two-day Federal Reserve policy meeting. [.N]

The markets are also on edge ahead of U.S. President Barack
Obama’s first State of the Union address, which will be
delivered to Congress at 9 p.m. (0200 GMT).

Canadian stocks eked out a small gain on Tuesday after
rebounding from a near seven-week low, as sagging energy shares
were offset by renewed strength in golds and financials.

Here is some of the news that may affect the market:

FED MOVES

Investors are awaiting the outcome of a two-day policy
meeting by the U.S. Federal Reserve, which was taking place in
the shadow of fierce Senate debate over Ben Bernanke’s
confirmation for a second term as chairman of the U.S. central
bank. [ID:nFEDAHEAD]

OIL EDGES BELOW $75

Oil prices edged below $75 a barrel after an earlier rise
sparked by an unexpected drawdown in U.S. crude stockpiles, and
despite a firmer dollar. [O/R]

GOLD SLIPS

Gold prices eased slightly as the dollar firmed a touch
versus the euro, as investors shied away from riskier assets on
concerns about the Chinese government tightening bank lending
and ahead of any U.S. interest rate decision.[GOL/]

CN EYES EARNINGS GROWTH

Canadian National Railway Co (CNR.TO: ), witnessing a revival
in the economy after a bruising year of weak freight volume, is
aiming for an increase of at least 10 percent in earnings this
year, the company said on Tuesday. [ID:nN25105294]

CANADA’S RESEARCH ROUNDUP

Following is a summary of research actions on Canadian
companies reported by Reuters on Wednesday. [RCH/CA]

* BofA-Merrill reinstates Potash Corp (POT.TO: ) with “buy”
rating; price target of $140

* RBC cuts Yamana Gold Inc (YRI.TO: ) price target to $14
from $15; rated “outperform”

* Macquarie raises Canadian National Railway (CNR.TO: ) price
target to C$61 from C$58, rated “neutral”

* Raymond James raises Aurizon Mines Ltd (ARZ.TO: ) to
“outperform” from “market perform”

* Barclays raises Enbridge Inc (ENB.TO: ) price target to
C$47 from C$43; rated “equal weight”

* UBS raises Metro (MRUa.TO: ) price target to C$42 from
C$40, rated “neutral”

* Raymond James raises First Uranium (FIU.TO: ) to
“outperform” from “market perform”
($1=$1.06 Canadian)

Stock Investing

(Reporting by Claire Sibonney; editing by Jeffrey Benkoe &
Theodore d’Afflisio)

CANADA-STOCKS- TSX may open higher; focus on Fed and Obama