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.


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]