CANADA STOCKS-TSX may open lower as commodities fall

Tue Aug 4, 2009 8:20am EDT
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TORONTO, August 4 (Reuters) - Toronto's main stock market index could open lower on Tuesday, as sliding oil and metal prices may weigh on the resource-heavy market.

Global stocks and commodity prices pulled back as investors paused to assess the state of the economy after pushing them higher in the past two weeks. [ID:nL4345227]

U.S. stock index futures slipped as investors gauge if the recent run-up will hold, while retreating oil prices looked set to weigh on energy shares.

On Monday Canadian markets were closed for Civic Day. On Friday the S&P/TSX composite index .GSPTSE closed up 110.43 points, or 1.03 percent, at 10,787.15.

Here is some news that could affect the market:


Suncor Energy Inc, which completed its C$22.5 billion ($20.8 billion) acquisition of Petro-Canada on Saturday said on Monday the deal was expected to reduce annual capital expenditures by C$1 billion. [ID:nBNG462020]

Shares of Suncor Energy Inc jumped nearly 8 percent on Monday in its first day of trading in New York as the new entity after the acquisition of Petro-Canada. [ID:nN03369753]

MAGNA MGa.TO   Continued...