CANADA STOCKS-TSX could bounce after big drop

Fri Mar 6, 2009 8:19am EST
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TORONTO, March 6 (Reuters) - Toronto's main stock index could open higher on Friday, supported by firmness in the price of oil and as investors hunt for bargains following a sharp drop in the previous session.

But the resource-laden index could be weighed down by key U.S. jobs data that is expected to show big losses in February. U.S. stock index futures pointed to a lower open. [ID:nN06505202]

On Thursday, the S&P/TSX composite index .GSPTSE closed down 185.58 points, or 2.37 percent, at 7,629.17 to touch its lowest closing level in five years as nagging concerns about the global economic outlook hit financials and energy shares.

Here is some news that could affect the market:


Economists expect the data to show the United States, rattled by recession, lost 648,000 jobs in February, pushing the unemployment rate to a 25-year high. The February nonfarm payrolls report is due to be released at 8:30 a.m. (1330 EST). [ID:nN04539340]


Auto parts maker Linamar Corp reported a quarterly loss on Thursday as volumes at U.S. automakers fell sharply, hammering the company's revenue. The company also declared a dividend of 3 Canadian cents a share, half of what it declared for the third quarter of 2008. [ID:nN05355188]

OIL RISES   Continued...