CANADA STOCKS-TSX may open lower as commodities, AIG weigh

Mon Mar 2, 2009 8:31am EST
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TORONTO, March 2 (Reuters) - Toronto's main stock index could open lower on Monday as resource issues fall on weakness in underlying commodities, while financials could drop after AIG AIG.N reported a massive quarterly loss.

On Friday, the S&P/TSX composite index .GSPTSE closed down 63.80 points, or 0.78 percent, to 8,123.02, after three days of gains as the U.S. government's announcement that it will take an equity stake in Citigroup put pressure on the heavily weighted financial sector.

Here is some news that could affect the market:


U.S. insurer American International Group Inc reported a $61.7 billion ($47.83 billion) fourth quarter loss on Monday -- the largest loss in U.S. corporate history -- after reaching a revised rescue deal with the U.S. government. [ID:nN02379694] [ID:nN02374890]


World stocks drop sharply to their lowest levels in almost six years on Monday after a big rights issue by HSBC HSBA.L and on AIG's massive quarterly loss and multibillion dollar lifeline. [ID:nL2130432]


Canada's economy suffered its biggest quarterly contraction since 1991 in the fourth quarter of last year, a report is expected to show on Monday. [ID:nN26546382]   Continued...