November 3, 2008 / 2:03 PM / 9 years ago

CANADA STOCKS-Toronto index may rise, resources may offset

3 Min Read

TORONTO, Nov 3 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE is set to rise as investors look to start a new month on better footing after October's dismal performance.

However, the resource-rich Toronto index may come under pressure with commodity prices on the decline.

Toronto's index logged its biggest monthly drop in nearly a decade in October.

Appetite seemed to be returning as global stocks kicked off November with gains against a background of easier monetary policy designed to pull economies away from severe recession. [MKTS/GLOB]

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

Oil Near $67, Metals Fall

Oil drifted lower towards $67 a barrel as traders shifted their focus back to slowing global energy demand linked to the financial crisis, while metals fell as market recession woes persisted. [ID:nL3721136]

Tahera Update on Plan Sponsorship Agreement

Tahera Diamond Corp TAH.TO, under creditor protection, said its plan sponsorship agreement has been terminated with a privately held company because conditions had not been satisfied. Tahera said it is reassessing its options. [ID:nWNAB6540]

Manitoba Telecom Cut

National Bank said 2009 will be worse for Manitoba Telecom Services MBT.TO than most because the regional communications firm's exposure to large business customers. National Bank cut the price target and lowered MTS to underperform from sector perform. [ID:nWNAB6327]

For a summary of rating and price target changes on Canadian companies, double click [RCH/CA]

Seeking Signs of u.s. Direction from Election

Canadian investors to look for signs that a new U.S. president will help steer markets clear of the financial crisis threatening the global economy. Some analysts forecast the index will rise the day after a new U.S. leader is elected, no matter the winner. [ID:nN31372909] Democrat Barack Obama heads into Tuesday's voting ahead in the polls over Republican John McCain.

Profit Up at Silver Wheaton

Silver Wheaton SLW.TO, which buys silver produced by several miners and resells it, said its quarterly profit rose 5.5 percent. [ID:nWNAB6446]

Home Capital Profit Up 22 Pct

Home Capital Group (HCG.TO) posted a 22 percent increase in quartelry profit, helped by the strong performance of its core mortgage lending business, and said it will meet or exceed its targets for 2008. [ID:nBNG405915]

Flaherty Stresses Need for Better Rules

The global credit crunch threatens growth in the world's major economies, and tighter financial regulations are needed to avoid future crises, Canadian Finance Minister Jim Flaherty said in an interview with Reuters on Friday. [ID:nN31334636] He meets with provincial and territorial counterparts on Monday. ($1=$1.20 Canadian) (Reporting by Ka Yan Ng; Editing by Tom Hals)

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