CANADA STOCKS-TSX may open higher on oil, U.S. hopes

Fri Feb 13, 2009 9:01am EST
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TORONTO Feb 13 (Reuters) - Toronto's main stock index may rise at the open on Friday, extending gains from the previous session on climbing oil prices and hopes that the U.S. economy will soon have measures in place to pull it from recession.

Focus may be on government news in the U.S. as Congress is expected to pass the $789 billion package of economic stimulus measures, while also on the lookout for further details of a plan to subsidize mortgage payments for troubled homeowners.

The S&P/TSX composite index .GSPTSE rose on Thursday, struggling up from a 1.7 percent drop earlier in the day, boosted partly by strength in the resource-laden materials sector.

Below is some of the news that may affect the market.


Enbridge Inc's (ENB.TO: Quote) fourth-quarter profit rose 6 percent as the company benefited from increased interest in Enbridge Energy Partners and a stronger U.S. dollar, Canada's No. 2 pipeline company said. [ID:nN13318295]


Gold slipped as fears of financial meltdown receded, while oil rose towards $35 a barrel, snapping a five-day losing streak, after news that the U.S. government was working on a mortgage plan for troubled homeowners helped lift sentiment. [ID:nSP153908] [ID:nLD731540]

* See also: OPEC again cuts 2009 world oil demand forecast [ID:nLD809772]   Continued...