Toronto stocks set to open higher but eyes Lehman

Fri Sep 12, 2008 8:54am EDT
 
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*Oil up on fears Hurricane Ike will damage U.S. refineries

*Gold, base metals track oil's rise, weaker U.S. dollar

*ATS Automation to sell its precision components group

TORONTO, Sept 12 (Reuters) - The Toronto Stock Exchange's main index is poised for a higher open on Friday, as oil and metals firm, but any gains made could be swayed by developments around troubled Lehman Brothers Holdings Inc LEH.N.

The heavily weighted energy sector could get a boost as crude firmed to around $102 a barrel on concerns Hurricane Ike could threaten oil refineries in the United States.

Husky Energy Inc (HSE.TO: Quote) could underpin a rise in the sector. It and several other companies won development rights to spend a total of C$186 million in exploration offshore Labrador, the Canada-Newfoundland and Labrador Offshore Petroleum Board said on Thursday.

Materials could get a boost as bullion bounced on a retreat in the U.S. dollar, and most base metals rose. Potash Corp of Saskatchewan Inc (POT.TO: Quote) could see action after it boosted its share-buyback limit to as much as 10 percent.

But any gains made in the resource sphere could be tempered by uncertainty surrounding Lehman Brothers, said Bruce Latimer, trader at Dundee Securities.   Continued...