CANADA STOCKS-TSX may open lower on weak oil, gold; GDP eyed

TORONTO, Jan 29 (BestGrowthStock) – Toronto’s main stock index
could open flat to lower on Friday, as energy producers see the
price of oil headed for its third straight weekly drop and
mining companies contended with a stronger U.S. dollar.

But the Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) could also follow U.S. futures slightly higher after
strong results from Microsoft Corp (MSFT.O: ) and Amazon.com Inc
(AMZN.O: ) and after Ben Bernanke won U.S. Senate approval for a
second term as Federal Reserve chairman [.N].

Investors will digest the latest reading of gross domestic
product from both Canada and the United States.

Canadian stocks ended lower Thursday, weighed down by
disappointing results and forecasts issued by market
heavyweight Potash Corp (POT.TO: ).

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

OIL EYES GDP

Oil edged up toward $74 per barrel, finding some respite,
even as it heads toward a third consecutive weekly drop on
evidence that fuel demand was lackluster. [O/R]

GOLD SLIPS

Gold eased in Europe, as the dollar held near multimonth
highs versus the euro, as uncertain outlooks for smaller euro
zone economies, mainly Greece, curbed interest in the single
currency. [GOL/]

GREEK BAILOUT REPORTS

A top European Union official said there was no risk Greece
would default or leave the euro zone, and the country’s finance
minister said he was not aware of any bailout talks. For
details, see [ID:nLDE60S0XN]

SOUTHGOBI DROPS SHARPLY

Shares in Canadian-listed coal mining company SouthGobi
Energy Resources Ltd (SGQ.TO: )(1878.HK: ) fell about 11 percent in
their Hong Kong debut, hurt by the stock’s overly high
valuation and poor market timing. [ID:nNSGE60S0A]

NORBORD LOSS

Norbord Inc (NBD.TO: ), a producer of wood-based panels,
posted a narrower fourth-quarter loss, on cost cutting and
lower input prices, and sees a more positive building materials
market, particularly in Europe, this year. [ID:nSGE60O0HW]

CANADIAN OIL SANDS

Canadian Oil Sands Trust (COS_u.TO: ), which holds the
largest stake in the Syncrude Canada Ltd partnership, said on
Thursday its fourth-quarter profit (Read more your timing to make a profit.) fell 23 percent despite
strengthening oil prices, as it wrote down the value of some
Arctic gas fields. [ID:nN27228786]

KINROSS GOLD RESERVES UP

Kinross Gold Corp (K.TO: ) said Thursday its proven and
probable gold reserves totaled 51 million ounces at the end of
2009, a 12 percent increase over the previous year, largely
on contributions from its Lobo-Marte project in Chile.
[ID:nN28121508]

ZARLINK PROFIT PLUNGES

Zarlink Semiconductor Inc’s (ZL.TO: ) third-quarter profit (Read more your timing to make a profit.)
plunged 95 percent after a noncash foreign exchange charge, and
forecast a fourth-quarter profit (Read more your timing to make a profit.) range whose lower end was
below estimates. [ID:nSGE60C0H6]

CANADA’S RESEARCH ROUNDUP

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

* Raymond James cuts Petrobakken Energy Ltd (PBN.TO: ) price
target to C$41.50 from C$42.50

* Raymond James reduces Result Energy Inc (RTE.V: ) rating to
“market perform” from “outperform”

* Desjardins cuts CLG Life Tech Corp (GLG.TO: ) rating to
“hold” from “buy”
($1=$1.07 Canadian)

Stock Investing

(Reporting by Claire Sibonney; editing by Jeffrey Benkoe)

CANADA STOCKS-TSX may open lower on weak oil, gold; GDP eyed