CANADA STOCKS-Toronto index may rise on resources, banks eyed

Wed May 6, 2009 8:46am EDT
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TORONTO May 6 (Reuters) - Toronto's main stock index may edge higher at the open on Wednesday as prices of key resources held higher, while investors also had to wade through a raft of mixed corporate results that may influence direction.

Support from commodities may be bolstered by U.S. influence after better-than-expected private-sector employment data from ADP turned U.S. stock index futures positive. For more details see [ID:nN06543669].

Meanwhile, world stocks rose close to the previous day's near 4-month high, helped by better-than-expected results from BNP Paribas and euro zone data showing firmer services business activity. [ID:MKTS/GLOB]

The S&P/TSX composite index .GSPTSE ended Tuesday's session slightly higher, up 0.1 percent at 9,880.72, after touching its highest level in almost 6 months.

Here are some of the factors that may affect the market.


Oil held above $54 a barrel, supported by news of an unexpected fall in U.S. crude and gasoline stocks, but gains were limited by persistent uncertainty about any economic recovery. [ID:nL6091613]


Gold rose, recovering earlier losses, as the dollar retreated from highs versus the euro, but gains were held in check by a stronger performance from stock markets and other so-called riskier assets. [ID:nL6149626]   Continued...