CANADA STOCKS-TSX set to fall at open, stimulus, resources eyed

Mon Feb 9, 2009 8:58am EST
 
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TORONTO Feb 9 (Reuters) - Toronto's main stock index is expected to fall at the open on Monday ahead of a vote for the U.S. economic stimulus package and as a highly anticipated announcement for the U.S. bank rescue plan was delayed.

The proposed massive stimulus plan could face another day of political wrangling before a U.S. Senate vote on the measure, pressuring U.S. stock futures which indicated a lower open for U.S. equities.

The U.S. government was also due to set out a bank bailout plan on Monday but the announcement will instead now be held on Tuesday.

Resource-related issues will also be in the spotlight as companies suspend payouts, mull mergers and acquisitions, and cut jobs.

The S&P/TSX composite index .GSPTSE closed higher for a fourth straight session on Friday in a broad rally as dismal U.S. jobs data fueled hopes for a U.S. stimulus package to help combat the recession.

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

UTS REJECTS TOTAL'S OFFER

The board of oil sands developer UTS Energy UTS.TO rejected a C$617 million takeover bid from French oil major Total SA, saying the offer was inadequate. A special committee of the board to pursue various initiatives has been created, the company said. [ID:nWNAB0132]

PRECISION DRILLING RESULTS, SUSPENDS DISTRIBUTION   Continued...