January 5, 2009 / 1:20 PM / 9 years ago

CANADA STOCKS-Toronto index headed for lower open

TORONTO, Jan 5 (Reuters) - Toronto’s main stock index is seen opening slightly lower on Monday, reversing some of the sharp gains recorded last week as investors return from holidays to confront the slumping global economy.

The S&P/TSX composite index .GSPTSE is coming off an 11 percent rise last week in a move that was largely exaggerated in a holiday-shortened week.

With a lack of key domestic news, the direction in the Toronto market will likely be dictated by stock markets in the United States, where futures are pointing to a slightly lower open.

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

GOLD FALLS NEARLY 3 PCT AS US$ STRENGTHENS

Gold fell nearly 3 percent on Monday as the dollar strengthened to a three-week high against the euro, denting the precious metal’s appeal as a currency hedge, while oil prices gave up earlier gains. [ID:nL5142338]

OIL JUMPS ABOVE $47 ON GAZA, RUSSIA GAS ROW

Oil jumped to a three-week high on Monday after an Iranian military commander called for an oil boycott over Israel’s offensive in the Gaza Strip, and as the Russian gas export row stoked fears for European energy supplies. [ID:nSP343684]

ATRIUM ACQUIRES NUTRI-HEALTH SUPPLEMENTS

Atrium Innovations Inc ATB.TO said on Monday it acquired Nutri-Health Supplements of Arizona for first consideration of $23.9 million fully paid in cash. [ID:nWNAB6615]

PETROFALCON TERMINATES AGREEMENT WITH CHEVRON

PetroFalcon PFC.TO said its wholly-owned subsidiary Vinccler Oil and Gas terminated an agreement to acquire a 30 percent working interest from Chevron Corp (CVX.N) in an offshore natural gas license. [ID:nWNAB6606]

RESEARCH ROUNDUP: OILEXCO

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

* Genuity slashes Oilexco OIL.TO price target to C$1.20 from C$2.25 with a “hold” rating.

ECONOMIC DATA SLATE

There is no key Canadian economic data due for release on Monday, but domestic and U.S. auto sales figures for December will be released throughout the day. ($1=$1.21 Canadian) (Reporting by Frank Pingue; Editing by James Dalgleish)

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