CANADA STOCKS-TSX may open lower, eye on resources, earnings

Mon Feb 2, 2009 8:33am EST
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TORONTO Feb 2 (Reuters) - Toronto's main stock index is set to open a fresh month lower as underlying commodity prices slipped and concern mounted about the global economy and deteriorating corporate profits.

The resource-rich S&P/TSX composite index .GSPTSE fell 3.25 percent in January after bursting out of the gate early in the month. U.S. stock index futures also pointed to a lower open.

Key Canadian companies due to report earnings this week are energy players TransCanada Corp TRP.TO and Husky Energy HSE.TO, but the pace will pick up in the following weeks when other resources companies, and blue-chip banks and insurers unveil their results.

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


Oil fell below $41 a barrel as a deepening U.S. recession shrank demand in the world's top fuel burner and evidence mounted of a global downturn. [ID:nSYD119442]

Gold slipped as short-term investors took profits, but analysts say prices will be underpinned by investors looking for a safe place to park their assets. [ID:nL2227333]


The Ontario Teachers' Pension Plan is raising its stake in Petro-Canada PCA.TO in a move to escalate a shareholder campaign for restructuring the oil company, the Globe and Mail reported, citing sources. The move comes after a prolonged period of what the fund perceives as underperformance. [ID:nBNG414059]   Continued...