CANADA STOCKS-TSX may open higher on record gold price

Wed Dec 2, 2009 8:02am EST
 
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TORONTO Dec 2 (Reuters) - Toronto's main stock index could open higher on Wednesday as gold touched a record high, boosted partly by expectations of a weak U.S. dollar, helping to lift shares of mining companies.

The resource-laden index could follow global markets higher on Wednesday, and extend gains seen in Toronto in the previous session when the S&P/TSX composite index .GSPTSE closed 260.12 points, or 2.27 percent, higher at 11,707.32, its highest close since October 2008. However, weak oil prices could limit any potential gains.

Here is some news that could affect the market:

AGRIUM INC AGU.TO

Agrium Inc AGU.TO to nominate directors to CF Industries Holdings Inc board and challenges CF to drop poison pill. [ID:nWNAB1291]

GOLD HITS RECORD

Gold hit record highs at $1,216.75 an ounce in Europe on Wednesday as investors bet on higher prices, with funds lengthening positions due to expectations of a fresh leg of dollar weakness and more central bank buying. [GOL/]

OIL SAGS

U.S. crude futures fell below $78 a barrel on Wednesday after industry data showed a surprise build in U.S. crude stocks, raising doubts over demand recovery in the world's largest energy user. [O/R]   Continued...