March 17, 2009 / 12:34 PM / 8 years ago

CANADA STOCKS-TSX may retreat at open on weak oil, gold

3 Min Read

TORONTO, March 17 (Reuters) - Toronto's main stock index could open slightly lower on Tuesday as the price of oil and gold weaken, and as the market tracks world stocks downward after hitting its highest closing level in the more than a month.

The S&P/TSX composite index .GSPTSE ended the session up 83.32 points, or 1 percent, at 8,386.71, its highest closing level since Feb 13. It was the first time since Feb. 9 that the index has closed higher in five straight sessions.

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

Global Markets

World stocks eased on Tuesday as a five-day winning streak ran out of steam with investors tempering early optimism, but moves by the Bank of Japan to shore up its banking system helped to limit losses. [MKTS/GLOB] U.S. stock index futures pointed to a flat open. [ID:nLH259899]

Oil Slips

Oil CLc1 sags to around $47 a barrel ahead of U.S. inventory data expected to show a build in crude oil stocks. Data from industry group the American Petroleum Institute (API) will be closely watched later on Tuesday as a preliminary Reuters poll showed analysts forecast a 500,000 barrel increase in domestic crude stocks last week. [EIA/S]

Gold, Base Metals

Gold prices were slightly lower on Tuesday with players watching stocks to gauge investors' risk appetite. [ID:nT314324] Base metals prices were mixed. [ID:nLH504717]

Corriente Resources

Metals explorer Corriente Resources Inc said it received official confirmation that the ban on mining at its Ecuador subsidiary has been lifted. [ID:nBNG170373]

Anvil Mining

Anvil Mining Ltd posted a quarterly loss, slammed by a one-time charge of $143 million, and said it is seeking funding to avoid project delays, and will cut staff salaries by 20 percent. [ID:nBNG82706]

Opti Canada Inc

OPTI Canada Inc announces management change and says Sid Dykstra, president and chief executive officer, will be leaving the company. OPTI names Christopher Slubicki as president and chief executive officer. [ID:nWNAB4737]


Debt-laden media group Canwest is looking to raise about A$390 million by selling its 56.6 percent stake in Australian broadcaster Ten Network (TEN.AX), a newspaper said on Tuesday. [ID:nSYD454420]

Canadian Research

Genuity starts First Quantum Minerals (FM.TO) with a buy rating and price target of C$41. Raymond James resumes coverage of Nexen Inc NXY.TO with an outperform rating and price target of C$21. [ID:nBNG495391] ($1=$1.27 Canadian) (Reporting by Jennifer Kwan; Editing by Kenneth Barry)

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