CANADA STOCKS-Toronto index set to fall, eye on oil, forecasts

Thu Nov 6, 2008 9:09am EST
 
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TORONTO Nov 6 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE is seen opening lower on Thursday as the price of oil slid and some Canadian companies provided sour forecasts.

Canadian Natural Resources said delays to its Horizon oil sands project have boosted construction costs by C$441 million, while biotech companies Biovail and Angiotech said they expect tough quarters ahead.

The index closed 2.3 percent lower on Wednesday. Oil and mining shares fell as commodity prices dropped on worries that demand is slowing due to a faltering world economy.

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

CANADIAN NATURAL PROFIT, HORIZON COSTS RISE

Canadian Natural CNQ.TO quarterly profit quadrupled on the back of higher oil prices but costs for its Horizon development project are rising. [ID:nBNG401176] As oil prices are less than half their July peak amid the economic turmoil and lowered access to capital, spending plans for 2009 are expected to be leaner across the oil and gas sector.

OIL EXTENDS LOSS BELOW $64

Oil slipped further below $64 a barrel after the Bank of England cut interest by an unprecedented 150 basis points. The fall extended a 7 percent drop in crude oil in the previous session as heightened fears of economic slowdown persist. [ID:nSYD166191]

BIOVAIL, ANGIOTECH POST RESULTS, WARNINGS   Continued...