CANADA STOCKS-TSX could open higher on commodities

Tue May 12, 2009 8:06am EDT
 
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TORONTO May 12 (Reuters) - Toronto's main stock market index could open higher, shrugging off the previous session's steep losses, buoyed by firming commodity prices.

Investors are expected to return to the market in a buying mood on Tuesday after sending the the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE down 1.4 percent to 10,094.14 as retreating commodity prices weighed on the resource-heavy market and as investors took profits following last week's big gains. [nN11131153]

But commodity prices could help boost the market again during the session on the back of rising energy and gold prices.

Here are some of the stories that may affect the market:

OIL RISES ABOVE $59 TO 6-MONTH HIGH

Oil prices rose more than a dollar on Tuesday to a six-month high above $59 a barrel, boosted partly by a weaker dollar and gains on equity markets in Europe. [nSIN472267]

GOLD FIRMS AS DOLLAR RETREATS; UPSIDE RESTRAINED

Gold firmed on Tuesday with a weaker dollar helping to prop up the metal's appeal as an alternative asset, but failure to push beyond recent five-week highs limited gains. [nLB171894]

GROUPE AEROPLAN POSTS LOWER Q1 PROFIT   Continued...