CANADA STOCKS-Falling commodities seen weighing on TSX

Tue Jan 13, 2009 8:30am EST
 
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TORONTO Jan 13 (Reuters) - Toronto's main stock market index was seen opening lower on Tuesday as falling commodity prices and a disappointing loss from metals bellwether Alcoa Inc (AA.N: Quote) weighs on the resource-heavy market.

A conservative 2009 capital expenditures outlook from Talisman Energy Inc TLM.TO could also keep investors on edge during the day.

Meanwhile, Bank of Montreal's (BMO.TO: Quote) C$375 million offer for American International Group's (AIG.N: Quote) Canadian life insurance unit could shine the spotlight on the heavily weighted financial sector. [nWNAB9241]

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell more than 3 percent on Monday as tumbling commodity prices knocked it to its lowest closing level in two weeks. The index fell 291.85 points, or 3.2 percent, to 8,793.33.

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

TALISMAN LOWERS 2009 CAPEX, SEES FLAT PRODUCTION

Talisman Energy expects to spend less on capital spending in 2009 and keep production flat as it braces for low commodity prices. [nN13381526]

ALCOA REPORTS LOSS AS ECONOMY HITS DEMAND

Aluminum producer Alcoa Inc, which is slashing 15,000 jobs, posted a fourth-quarter loss on Monday, as the global economic crisis sent revenue plummeting on lower demand and declining metal prices. [nN12355902]   Continued...