December 8, 2008 / 1:46 PM / in 9 years

CANADA STOCKS-TSX poised to open higher on oil, gold, stimulus

TORONTO, Dec 8 (Reuters) - The Toronto Stock Exchange’s main index could open higher on Monday as oil and gold prices firmed and as investors hoped global stimulus measures would avert a deeper slide in the economy.

On Friday, the S&P/TSX composite index .GSPTSE closed up 59.21 points, or 0.73 percent, at 8,117.03, as a rebound in financial shares on encouraging news from a U.S. insurer helped offset the drag lower oil prices had on the resource-heavy market.

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

GLOBAL STIMULUS

China and European leaders were due to plot their next steps on Monday, while stimulus measures presented, planned or pending helped push stock markets higher. [ID:nHKG329944]

U.S. President-elect Barack Obama unveiled stimulus plans at the weekend, which featured the largest U.S. infrastructure program since the 1950s and the creation of 2.5 million jobs. For links to more stories see [ID:nCRISIS]

GLOBAL MARKETS

Equities surged around the world with investors focusing on a likely rescue plan for U.S. automakers, a proposed U.S. jobs plan and more government stimulus measures to try to reverse economic decline. [MKTS/GLOB]

POLITICAL PRESSURE

The leader of Canada’s main opposition party, Stephane Dion, faced a growing chorus of calls on the weekend to step aside immediately just days after he looked poised to take power in the country as head of a center-left coalition. [ID:nN06466787]

OILEXCO OIL.TO

Canadian oil explorer Oilexco Inc has been put up for sale, according to a report in the Sunday Times. The report says the company had already received interest from BG Group BG.L, Talisman Energy TLM.TO and Petro-Canada PCA.TO, while Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) is also considering a bid. [ID:nL7502369]

OIL STRENGTHENS

Oil rose above $43 a barrel on a rebound in global equity markets and further evidence of supply cuts by top exporter Saudi Arabia. [ID:nT120299]

GOLD RALLIES

Gold surges on higher oil prices, a lower dollar and investor concern about inflationary pressures given the large amounts of money being pumped into the global economy. [ID:nL8236839]

CANADIAN SUPERIOR SNG.TO

Canadian Superior Energy Inc says it is temporarily halting drilling at a Trinidad well amid a drilling equipment repair, the company says. [ID:nWNAB0521]

TRANSCANADA (TRP.TO)

Alaska officials late last week formally bestowed TransCanada Corp with a state license to build and operate a long-desired pipeline that would ship natural gas from the state’s North Slope to North American markets. [ID:nN05484633]

CONSTELLATION (CSU.TO)

British software provider Gladstone Plc GLAD.L said on Saturday it had again advised its shareholders to reject a hostile takeover bid by Canadian firm Constellation Software Inc. [ID:nL6665073]

PETAQUILLA MINERALS PTQ.TO

Vancouver-based Petaquilla Minerals Ltd will begin producing gold at its Molejon project in Panama within weeks, the company said late last week. [ID:nN05356090]

CANADIAN RESEARCH

Genuity cuts Royal Bank of Canada (RY.TO) to hold from buy and its price target to C$44 from C$52, while Raymond James cuts Research in Motion RIMM.O price target to $64 from $72 and keeps its outperform rating. [ID:nBNG113911] For more research see: [CA-RCH] ($1=$1.25 Canadian) (Reporting by Jennifer Kwan; Editing by James Dalgleish)

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