TORONTO, Nov 10 (Reuters) - The Toronto Stock Exchange’s main index is set to rise at the open on Monday in concert with other world markets, lifted by China’s stimulus package.
Global stock and commodity markets surged in reaction to China’s plan to spend nearly $600 billion on stimulating its economy as G20 finance ministers pledged on the weekend to take measures to fight global recession and revive financial markets. [MKTS/GLOB]
The S&P/TSX composite index .GSPTSE finished moderately higher on Friday, but down 1.7 percent on the week last week.
Here is some of the news that may affect the market.
Nortel Networks Corp NT.TO reported a large quarterly loss and announced a round of sweeping cost-cutting that includes laying off 1,300 another people as the economic downturn eats away at its business and strains its balance sheet. [ID:nN10442062]
Gold rose on Monday, lifted by gains across commodities after China announced an economic stimulus package. [ID:nLA207483] Oil rose more than 4 percent to above $65, and was also helped by Saudi Arabia’s plans to cut December supplies to Asia. [ID:nSYD393020]
Canadian miners with projects in Ecuador may get a boost as Ecuadorean President Rafael Correa said he will introduce this week a new mining law key for the nascent sector. The new mining law is key for foreign miners, including Canada’s Corriente Resources CTQ.TO and Iamgold (IMG.TO), who have found massive gold and copper deposits in souther Ecuador. [ID:nN10428242]
Computer consulting company CGI Group (GIBa.TO) reported a higher fourth-quarter profit due mostly to an income tax benefit. [ID:nN10445333] Canada’s No. 2 airline WestJet (WJA.TO) Airlines Ltd’s (WJA.TO) third-quarter profit slipped, reflecting higher fuel costs. [ID:nWNAB0976]
Brokerages Genuity Capital Markets and RBC cut Telus Corp (T.TO), while UBS cut Thompson Creek TCM.TO. Raymond James cut targets on several REITS, including Calloway CWT_u.TO and Dundee REIT (D_u.TO).
For a summary of research actions on Canadian companies reported by Reuters on Monday, please double click [RCH/CA].
$1=$1.18 Canadian Reporting by Ka Yan Ng, Editing by Chizu Nomiyama