January 12, 2009 / 1:11 PM / 9 years ago

CANADA STOCKS- Oil seen dragging Toronto stocks lower

3 Min Read

TORONTO, Jan 12 (Reuters) - Toronto's main stock market index was seen opening lower on Monday, with the influential energy group leading the way, as the price for U.S. crude oil dipped 5 percent on demand worries.

Gold shares could also fall as its price fell 1 percent on weaker oil and a falling U.S. dollar.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed sharply lower on Friday as employment data from Canada and the United States provided more evidence of a global recession, undercutting oil prices and shaking the resource-heavy TSX. The S&P/TSX composite index finished down 136.40 points, or 1.5 percent at 9,085.18.

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

Oil Falls $2 to Below $39 as Demand Weakens

Oil CLc1 fell more than $2 to below $39 a barrel on Monday, dragged down by widespread evidence that deepening recession was reducing global energy consumption. [nSYD425287]

Gold Falls 1 Pct on Firmer Dollar, Weak Demand

Gold slipped 1 percent on Monday as oil dropped and the euro extended losses against the dollar, while physical demand was seen softening. [nLC252765]

Aig Close to Deal for Canadian Life Unit-Source

American International Group Inc (AIG.N) is close to a deal to sell its Canadian life insurance business, a source close to the transaction said on Friday. [nN09314095]

Rio Tinto Slows Kitimat Smelter Expansion - Union

Rio Tinto (RIO.L) has all but halted its $2.5 billion expansion of the Kitimat aluminum smelter in British Columbia, the union which represents workers at the facility said on Friday. [nN09498469]

Research Roundup:

Following is a summary of research on Canadian companies. For more, please see [RCH/CA]

* Genuity raises National Bank of Canada (NA.TO) to buy from Hold

* Genuity starts Aecon Group (ARE.TO) with buy rating; Price target of C$14

* Versant starts Boralex (BLX.TO) with buy, price target of C$13.50

* RBC raises Magna International MGA.N price target to $50 from $45; Rating outperform

* RBC raises ACE Aviation Holdings ACEa.TO price target to C$15 from C$12.75 ($1=$1.20 Canadian) (Reporting by Scott Anderson; Editing by James Dalgleish)

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