Toronto stocks set for mixed open, commodities eyed

Thu Sep 11, 2008 9:13am EDT
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*Oil slips on stronger U.S. dollar

*Base metals firm

*Investors seek stability after Wednesday's bounce

TORONTO, Sept 11 (Reuters) - The Toronto Stock Exchange's main index is poised for a mixed open on Thursday, as weakness in commodity prices weigh and investors wait to see if momentum builds from the big rally in the previous session.

Given the market volatility in recent days, the rest of the week is important for gauging market direction, said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

"A lot of people out there would like to see some kind of stability," said Ibel, noting there could be signs of a trend reversal if the market can maintain a rally for several days.

"If you don't see that it's a one-day phenomenon."

The S&P/TSX composite index .GSPTSE begins the day at 12,497.15, up 350.39 points, or 2.9 percent, as investors scooped up bargains following a week of losses.

The index bounced back on Wednesday but is down 6 percent since Sept 2, as worries over slowing global growth overhang. The sell-off pushed the index closer to a bear market, commonly defined as a 20 percent drop from the peak, which the TSX reached in June.   Continued...