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: Quote) 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:

BCE (BCE.TO: Quote)

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 (ECA.TO: Quote)

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...