February 5, 2009 / 1:57 PM / 8 years ago

CANADA STOCKS-TSX likely to fall as jobs outlook, oil weigh

5 Min Read

TORONTO, Feb 5 (Reuters) - Toronto's main stock index looked poised to fall at the open on Thursday as the price of crude eased and as investors gird for sour employment data.

Anxiety ahead of Friday's jobs reports from Canada and the United States was expected to weigh on stocks. Several Canadian companies announced layoffs while weekly U.S. jobless claims data surged to a 26-year high. [ID:nN04302723]

The S&P/TSX composite index .GSPTSE rose for a second consecutive day on Wednesday as mining shares were boosted by a rise in underlying commodity prices, but weakness in financials kept the gains in check.

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

Certicom Favors Rim's Sweetened Offering

Certicom Corp CIC.TO said Research In Motion's RIM.TO C$3-a-share sweetened offer for the electronic security company is a "superior offer" to a previous bid from VeriSign Inc (VRSN.O). [ID:nN05346516]

Oil Holds Near $40, Gold Off Highs

Oil slipped slightly lower but held close to $40 a barrel on Thursday as investors anticipated more bleak economic data out of the world's biggest fuel consumer. The outlook for more huge job losses in the United States darkened the demand prospects. [ID:nSP347094]

Gold slipped from highs after the European Central Bank opted to keep interest rates on hold. [ID:nL5408601]

See also:

* Suncor (SU.TO) oil sands production for January [ID:nWNAB8594]

* UTS UTS.TO announces significant increase in contingent bitumen resources [ID:nWNAB8763]

* Goldman Sachs lifts gold price forecast to $1,000/oz [ID:nSP71612]

Brookfield Ffo Up, Profit Rises from Gain

Brookfield Properties BPO.TO, one of Manhattan's biggest landlords, reported a small increase in quarterly funds from operations, while net income jumped due to a gain. It also said it expects 2009 funds from operations per share to range between $1.42 to $1.49, compared to 2008 FFO of $1.59. [ID:nN05260949]

Earnings Recap

* Husky Energy (HSE.TO) posts fourth quarter results [ID:nWEN3911]

* Fortis Inc (FTS.TO) earnings dip, revenue rises [ID:nN30379209]

* Heroux-Devtek (HRX.TO) results slip on higher tax rate [ID:nWNAB8682]

* Domtar (UFS.TO) reports preliminary Q4 results [ID:nWNAB8848]

* See also U.S./Canada daily earnings hits & misses for Feb 5: [ID:nBNG05ULTE]

Bombardier Outlook

Bombardier (BBDb.TO) said that its aerospace unit plans to cut more than 1,300 jobs as it braces for a drop in business jet orders. It plans to cut about 4.5 percent of its workforce over a five-month period from its Montreal, Wichita, and Belfast plants. [ID:nN05351386]

Other Layoffs Announced at Some Canadian Companies

As market watchers prepare for January's employment figures from the U.S. and Canada on Friday morning, autoparts maker Magna International MGa.TO was among several Canadian companies to announce layoffs. The company will close its gear assembly plant in Syracuse, New York, which will ultimately eliminate 1,400 jobs. [ID:nN04307557]

See also:

* Domtar to cut 185 jobs [ID:nWNAB8691]

* Privately-held Hudson's Bay lays off 1,000 amid downturn [ID:nN04310513]

* PREVIEW-Canada job losses seen matching 1991-92 levels [ID:nN04531207]

Nortel Suspends Plans to Sell Metro Ethernet Unit

Ailing telecom equipment maker Nortel Networks NT.TO has suspended its plans to sell its Metro Ethernet Networks unit as it begins its restructuring under bankruptcy protection. [ID:nN04316717]

Nova Shares Surge on Financing Speculation

Nova Chemicals Corp NCX.TO shares surged more than 41 percent on Wednesday on reports, since denied, that the raw plastics maker has secured $100 million to help it meet its financial obligations. [ID:nN04307350]

Research Roundup

Following is a summary of research actions on Canadian companies reported by Reuters. For more, please see [RCH/CA]

* Citigroup downgrades Harvest Energy Trust HTE_u.TO, Pengrowth Energy Trust PGF_u.TO, Enerplus Resources Fund ERF_u.TO

* UBS cuts Shoppers Drug Mart SC.TO price target

* RBC raises Uranium One UUU.TO price target

$1=$1.23 Canadian Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson

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