CANADA STOCKS-TSX may gain on firming resource prices

Thu Sep 3, 2009 8:14am EDT
 
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TORONTO, Sept 3 (Reuters) - Toronto's main stock index may rise on Thursday as key resource prices strengthen, while an overall better tone to overseas equities could also be a lift.

Emerging stocks .MSCIEF advanced, while Shanghai stocks .SSEC climbed after China's top regulator assured investors that the country's market was healthy. Chinese stocks have been increasingly correlated with other share markets.

European shares also ticked higher, while U.S. stock index futures pointed to a higher open after a four-day slide.

On Wednesday, the S&P/TSX composite index .GSPTSE climbed 11.54 points, or 0.11 percent, to close at 10,701.32, snapping a two-session decline.

Investor wariness has been growing over a market rally that has driven the resource-laden index up some 40 percent from its 2009 low in early March.

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

COMMODITIES

Gold rallied to a fresh three-month high in Europe, extending the last session's gains, as caution ahead of key U.S. non-farm payrolls data sparked a flight to quality among investors. [ID:nL3429794]

Oil prices rose above $69 a barrel, drawing support from a sharp fall in U.S. gasoline inventories that revived hopes of a demand recovery in the world's largest fuel consumer. [ID:nNSIN54087]   Continued...