CANADA STOCKS-TSX could open higher on oil

Tue Sep 15, 2009 8:24am EDT
 
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TORONTO, Sept 15 (Reuters) - Toronto's main stock market index could open slightly higher on Tuesday as firmer energy prices offset weakening gold prices.

Oil rose above $69 a barrel on Tuesday, lifted by a weaker dollar and an expected draw in U.S. crude stocks, but concerns that a major U.S. exchange will increase enforcement of position limits capped gains. [nSP312072]

Meanwhile, gold eased on Tuesday as the dollar hit session highs versus the euro after German ZEW data, but held near the $1,000 an ounce mark amid hopes the metal may be consolidating before a further push higher. [nLF662272]

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished at a 2009 high on Monday, led by heavyweight energy and financial issues, as revived risk appetite and hopes the global economy is moving out of recession fueled a broad rally.[nN14519715]

Here is some news that could affect the market:

Enbridge Inc (ENB.TO: Quote) has restarted a segment of its Canada-to-United States crude oil pipeline system shut by a power outage last week, a spokeswoman said Monday. [nN14524033]

A U.S. unit of Canadian drugmaker Biovail Corp BVF.TO has pleaded guilty to conspiracy and kickback charges, ending a case over its Cardizem hypertension drug, the U.S. Justice Department said on Monday. [nN14523125]

The chief executive of Barrick Gold Corp (ABX.TO: Quote) said on Monday that the world's largest gold producer will use excess cash from higher production and cost savings for acquisitions and to increase its reserves. [nN14516952]

The restructuring of Sun Life Financial's SLF.TO operations in China is only half done, but Stephan Rajotte already predicts that having a small stake in a big Chinese joint venture will help push new business in Asia past the C$1 billion ($926 million) mark. [nN14512154]   Continued...