CANADA STOCKS-TSX could rise at open on improved sentiment

Fri May 1, 2009 8:30am EDT
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TORONTO May 1 (Reuters) - Toronto's main stock index could open higher on Friday given optimism that the economic slump is waning, but its move could be hampered by lower oil prices and as investors sift through a pile of corporate earnings.

The TSX, as it often does, could also feed off sentiment in the United States, where U.S. stock index futures were pointing to a higher open. [ID:nN01295235]

Investors have been encouraged by some better-than-expected first-quarter results in recent days that have added to hopes that companies are also starting to hit bottom.

The TSX has rallied for seven straight weeks and would need to gain at least 225 points in Friday's session to extend that streak to eight consecutive weeks.

The S&P/TSX composite index .GSPTSE is coming off a drop of nearly 1 percent on Thursday as Chrysler's bankruptcy filing weighed on the market's mood and dragged the index from the five-month high reached earlier in the session.

The index rose 6.9 percent in April on the heels of a 7.4 percent gain in March.

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


Cameco Corp CCO.TO said on Friday that first-quarter profit fell 38 percent on weak performances in its gold and uranium units. [ID:nN01290185]   Continued...