CANADA STOCKS-TSX may open lower on oil, profit taking

Wed Jan 6, 2010 8:20am EST
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TORONTO Jan 6 (Reuters) - The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE may open lower on Wednesday as weak U.S. crude oil prices and profit-taking threatened to end the index's four days of gains, but firm gold prices could limit the losses.

Investors will also take time to digest key U.S. figures including U.S. ADP employment data and ISM Non-manufacturing index.

Toronto's main stock index ended at a 15-month high on Tuesday, led by a rally in shares of Potash Corp of Saskatchewan (POT.TO: Quote) after the big fertilizer company was upgraded to "outperform."

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


Oil remained below $82 a barrel on Wednesday after unexpectedly bearish U.S. inventory data on Tuesday, ending a 9-day rally that saw U.S. crude futures rise 14 percent on a mix of cold weather and geopolitical jitters.[nSGE60509L]


Gold prices climbed in Europe on Wednesday as fresh New Year investment flows boosted commodities, with technical indicators pointing to the prospect of further gains. [nLDE6050MX]

CANADA ECONOMY   Continued...