CANADA STOCKS-TSX set to open higher on gold surge

Wed Sep 16, 2009 8:03am EDT
 
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TORONTO, Sept 16 (Reuters) - Toronto's main stock market index could open higher on Wednesday as gold surged to 18-month highs.

But gains could be capped by oil prices that have slipped slightly below $71 a barrel.

Investors are looking for the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE to extend its gains as hopes grow that the worst of the economic downturn is behind.

The TSX surged on Tuesday to its highest closing level of 2009, as a commodity price rally and firm U.S. data spurred gains in heavily weighted materials, energy and financial shares.[nN1575660]

Here is some news that could affect the market:

GOLD HITS HIGH

Gold hit 18-month highs on Wednesday as the dollar's slide to 2009 lows against the euro sparked buying of the metal as an alternative asset, helping lift silver and platinum to multi-month peaks. [nLG17282]

OIL EASES

Oil eased below $71 a barrel on Wednesday after a higher-than-forecast rise in U.S. fuel stocks offset positive expectations for the world economy that spurred other markets higher. [nSP530535]   Continued...