July 17, 2009 / 12:47 PM / 8 years ago

CORRECTED - CANADA STOCKS-TSX may open lower after 4-day rally

(Corrects date, earnings details in third paragraph)

TORONTO, July 17 (Reuters) - Toronto’s main stock index could open lower on Friday, as falling oil prices weigh on the resource-heavy market and some investors look to pocket gains from four straight rising sessions this week.

World stocks hit a one-month high on Friday on growing optimism that the earnings season may turn out to be better than expected, while investors set their eyes on giants such as Citigroup (C.N) for clearer market trend. [ID:nLH437850]

U.S. stock index futures pointed to a lower start on Wall Street on Friday after quarterly results from bellwethers, including Google Inc (GOOG.O), Bank of America Corp (BAC.N) and General Electric Co (GE.N).

On Thursday the S&P/TSX composite index .GSPTSE closed up 88.96 points, or 0.87 percent, at 10,304.42.

Here is some news that could affect the market:

BONAVISTA ENERGY TRUST BNP_u.TO

Bonavista Energy Trust said on Thursday it is buying natural gas-producing properties from EnCana Corp for C$694 million ($620 million) to boost its output by 22 percent at a time of depressed gas prices. [ID:nN16438105]

POTASH CORP (POT.TO)

North American potash inventories continued to rise in June and are currently 115 percent above the prior 5-year average, the world’s largest fertilizer producer Potash Corp of Saskatchewan said on Thursday.[ID:nN16304206]

MAGNA MGa.TO

Belgium-based investor RHJ International RHJI.BR is offering 275 million euros ($388 million) for a majority stake in General Motors’ Opel business in a last-ditch bid to beat out early frontrunner Magna. [ID:nLH677373]

FAIRFAX FINANCIAL HOLDINGS (FFH.TO)

Toronto-based Fairfax Financial Holdings Ltd said it agreed to buy the remaining stake in British insurer Advent Capital (Holdings) Plc for 220 pence per share, valuing Advent at about 94 million pounds ($153.9 million). [ID:nBNG397206]

OILEXCO OIL.V

Bankrupt Canadian oil company Oilexco said on Thursday it obtained a court order permitting it to liquidate the remainder of its assets and propose a plan of compromise and arrangement to its creditors. [ID:nBNG387596]

OIL

Oil slipped below $62 a barrel on Friday, undermined by concerns over the outlook for the world economy, a stronger dollar and some selling pressure after four days of gains. [ID:nSYD400097]

GOLD, BASE METALS

Gold eased in Europe on Friday as the firmer dollar weighed on prices, with traders awaiting further U.S. corporate results due later in the session to give direction to the markets.[ID:nLH476003] Base metals prices were mixed. [ID:nLH683470]

ENCANA (ECA.TO)

A letter believed linked to six pipeline bombings in northeast British Columbia is demanding EnCana Corp start phasing out its operations in that region of Western Canada.[ID:nN16293916]

CANADA INFLATION

Canada’s annual inflation rate turned negative in June for the first time since November 1994 and fell to the lowest level in more than half a century on a slide in energy prices, Statistics Canada said on Friday. [ID:nN17405438]

CANADA RESEARCH

* Raymond James Cuts Nexen price target to C$25.50 from C$26; rating market perform.

* Raymond James reinstates Suroco Energy with outperform rating; price target of C$0.55.[ID:nBNG103812]

For more research, please see: [CA-RCH]

$1=$1.12 Canadian Reporting by Nina Lex; Editing by Jeffrey Hodgson

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