CANADA STOCKS-Toronto index may follow oil to higher open

Thu Jan 8, 2009 7:51am EST
 
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 TORONTO, Jan 8 (Reuters) - Toronto's main stock index may
open higher on Thursday as a rebound in oil prices could be
enough to lure investors back into the resource-heavy index
after a sharp skid the previous session.
 The energy sector makes up about 22 percent of the overall
index, so the direction of oil prices often has a great deal of
influence on the group's, and overall market's, direction.
 The S&P/TSX composite index .GSPTSE is coming off its
first lower close after a string of six consecutive sessions of
gains that resulted in a jump of 14 percent.
 Wednesday's lower close was pegged to a decline in oil and
gold shares, which fell along with commodity prices, while some
profit-taking set in after six sessions of gains.
 Here is some of the news that may affect the market:
 OIL UP TO $43 AFTER WEDNESDAY'S 12 PCT FALL
 Oil traded higher on Thursday, reaching $43 a barrel after
diving 12 percent the previous session, partly due to
higher-than-expected U.S. crude stocks data that hardened
evidence of weakening demand. For more see [ID:nL8415011].
 GOLD STEADIES AS OIL STABILIZES
 Gold steadied above $840 an ounce in Europe on Thursday as
oil prices stabilized after a 12 percent slide, and traders
awaited key U.S. non-farm payrolls data due on Friday for fresh
impetus. [ID:nL8139553]
 JEAN COUTU POSTS LOSS ON RITE AID PROVISION
 Jean Coutu Group PJCa.TO reported a quarterly loss on
Thursday as it recorded a preliminary provision related to the
value of its investment in U.S. pharmacy company Rite Aid Corp
(RAD.N: Quote). See [ID:nN08257406]
 KINROSS PLOTS 32 PCT JUMP IN '09 GOLD OUTPUT
 Kinross Gold Corp (K.TO: Quote) said on Wednesday it plans to
spend $460 million this year boosting production by 32 percent
to as much as 2.5 million ounces. [ID:nN07487990]
 RESEARCH ROUNDUP: GENUITY UPS MINING PRICE TARGETS
 Following is a summary of research actions on Canadian
companies. For more, please see [RCH/CA]
 * Genuity raises HudBay Minerals (HBM.TO: Quote) price target 14.6
percent to C$5.50.
 * Genuity raises Inmet Mining IMN.TO price target 21
percent to C$23.00.
 * Genuity raises Lundin Mining (LUN.TO: Quote) price target 13
percent to C$2.15.
 * Raymond James ups WestJet Airlines (WJA.TO: Quote) price target
7 percent to C$15.
 ECONOMIC DATA SLATE
 The Ivey Purchasing Managers Index release for December is
the only piece of domestic data due on Thursday, but it will
not likely have much impact on the market ahead of the more key
December jobs data due out on Friday.
 ($1=$1.20 Canadian)
 (Reporting by Frank Pingue; Editing by James Dalgleish)