CANADA STOCKS-TSX to open down as BCE, US auto bailout in focus

Thu Dec 11, 2008 8:54am EST
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TORONTO Dec 11 (Reuters) - Toronto's main stock index could open lower on Thursday as the market focuses on the collapse of the BCE Inc BCE.TO buyout and amid uncertainty over the possible bailout of the U.S. auto industry.

However, the index could see strength from firmer oil and gold prices.

On Wednesday, the S&P/TSX composite index .GSPTSE rallied 236.44 points, or 2.82 percent, to 8,634.00, as signs of reduced oil supplies sparked a rally in energy shares, but financials capped the gains as they tumbled on economic worries and concerns about the fate of a bailout for U.S. automakers.

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


The C$34.8 billion buyout of Canada's biggest telecoms company BCE Inc collapsed on Thursday after the buyers said a key condition to the deal was not met. [ID:nN11358392]


EnCana Corp slashed its 2009 capital budget by 18 percent to about $6.1 billion as it looks to weather falling commodity prices and economic uncertainty. [ID:nBNG190957]   Continued...