CANADA STOCKS-TSX set to edge higher on oil, metals

Mon Dec 15, 2008 8:46am EST
 
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TORONTO Dec 15 (Reuters) - Toronto's main stock index could open higher on Monday on strength in the price of oil, gold and base metals, while investors will also focus on whether a rescue could materialize for the U.S. auto industry.

On Friday, the S&P/TSX composite index .GSPTSE rose 123.55 points, or 1.47 percent, to 8,515.45, as news that the U.S. government might throw a lifeline to troubled automakers helped steer the market clear of what was shaping up to be a big loss.

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

OIL RISES

Oil rose above $48 a barrel on expectations OPEC will agree on a deep supply cut this week to try to prop up prices, while firmer European equities and a weaker U.S. dollar also helped boost the price. [ID:nSP382169]

GOLD, BASE METALS

Gold extends gains as the U.S. dollar weakens [ID:nL1449620], while base metals were also higher although supply fears could keep gains in check. [ID:nLF132376]

AID FOR FORESTRY, MINING?

Canada will consider special aid to the forestry, mining and other industry in the federal budget due on Jan. 27, the industry minister says. However, the auto sector remained the top priority. [ID:nN14465292]   Continued...