TSX May Open Higher Amid Euro Zone Optimism

Shawshank, VA 9/28/2011 (PennyPayDay) – Canadian stocks are poised to open higher Wednesday amid mixed signals from the commodities and global equity markets. Asian markets ended flat overnight, while European stocks were paring recent gains ahead of a final word on rescue package for Greece.

Traders were jittery ahead of the final approval of the release of funds to Greece, to help the nation avoid a default, amid debate over the size of losses bondholders should face.

On Tuesday, the S&P/TSX Composite Index extended gains for a second session, adding 113.91 points or 0.97 percent to 11,821.00.

The price of crude oil was little changed Wednesday morning as traders await cues from the official inventories data from the EIA, due out later during the session. Analysts expect crude oil inventories to dip by 3 million barrels and gasoline stocks to ease by 500,000 barrels last week. Crude for November slipped $0.90 to $83.55 a barrel.

The price of gold was holding on to its previous session's gains Wednesday morning, supported by physical buying. Gold for December edged down $0.30 to $1,652.20 an ounce.

BlackBerry maker Research In Motion Ltd may be in play after gaining nearly 4 percent in the previous session on speculation that investor Carl Icahn is buying a stake in the company. . In corporate news from Canada, independent investment solutions provider AGF Management Ltd. said it third quarter net income increased 7.6 percent to C$29.9 million from C$27.8 million reported in the year ago period. The company declared a dividend of $0.27 per share.

Communications solutions provider Manitoba Telecom Services said it has successfully issued $200 million of 7-year 4.59 percent medium term notes, maturing on October 1, 2018.

Online media company Yellow Media said it will record a goodwill impairment charge of C$2.9 billion in net earnings for the period ending September 30, 2011. The Board has determined that it is in the best interest of the Company to eliminate future dividends on its common shares

In economic news from the U.S., the Commerce Department said durable goods orders fell $200 million, or 0.1 percent, to $201.80 billion in August. The modest drop in durable goods orders came as a surprise to economists, who had been expecting orders to increase by 0.2 percent.

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