(RTTNews) - Canadian stocks could see further strength on Tuesday morning as gold and oil prices are notably higher. The market will also play catch-up after taking yesterday off for Thanksgiving.

Crude oil prices jumped 91 cents to move to $74.18 per barrel. The Organization of Petroleum Exporting Countries forecast crude oil demand will rise by 700,000 barrels to 84.9 million barrels per day in 2010. This is up 200,000 from OPEC’s last forecast.

Meanwhile, gold gained $7.90 to extend its record high above $1,065 per ounce. Silver added 15.5 cents to $17.975 while copper slipped 1.25 cents to $2.8445.

On the economic front, Statistics Canada reported on Tuesday that new home prices increased 0.1% in August following a 0.3% advance in July. Economist were looking for new home prices to rise 0.2%.

HudBay (HBM.TO) had its target price increased to C$14.50 from C$9 by Credit Suisse.

Highway traffic management technology provider International Road Dynamics Inc. (IRD.TO) reported third quarter net earnings rose to C$519,070 or C$0.03 per share from C$188,270 or C$0.01 per share in the previous year.

Greystar Resources (GSL.TO) announced that David Rovig will retire from the positions of President and Chief Executive Officer.

The S&P/TSX Composite Index slipped 12.42 points or 0.1% on Friday to close at 11,472.09. The market gained more than 400 points last week.

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Posted in Categories: Canada, Releases, Stocks.

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