September 18, 2009 / 12:34 PM / in 8 years

CANADA STOCKS-TSX could weaken as oil, base metals sag

TORONTO, Sept 18 (Reuters) - Toronto’s main stock market index looked set to open weaker on Friday as commodity prices, a key influence for the resource-heavy market, mostly drifted lower.

Global equities also fell .MIWD00000PUS on Friday as investors paused after recent gains and oil and base metals prices dropped, while bullion held steady.[GLOB/MKTS] [O/R] [MET/L]

On Thursday, the S&P/TSX composite index .GSPTSE dropped 27.37 points, or 0.24 percent, to end at 11,528.23, retreating as crude ended slightly lower and gold backed away from 18-month highs.

Here is some news that could affect the market:

OIL FALLS

Oil prices fell to around $72 a barrel on Friday as Asian and European stocks slipped off their multi-month peaks and a battered U.S. dollar found some respite. [O/R]

GOLD STEADY

Gold held near $1,010 an ounce in Europe on Friday as the dollar’s recovery from one-year lows versus the euro took the steam out of its sharp run higher. [GOL/]

BASE METALS

Copper fell on Friday while lead dropped more than 5 percent as more stock increases and expected falls in Chinese imports reinforced concerns the market had gone beyond fundamentals.[MET/L]

CANADA RESEARCH

Desjardins raises Quadra Mining QUA.TO to buy from hold.

RBC raises Gluskin Sheff Associates (GS.TO) price target to C$30 from C$24; rating outperform.

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

ABIBITIBOWATER INC [ABWTQ.PK]

Papermaker AbibitiBowater will idle its Beaupre, Quebec, mill and cut production at four other facilities, the company said on Thursday. [ID:nN17229214]

GLUSKIN SHEFF

Canadian wealth manager Gluskin Sheff (GS.TO) said two of its top executives would step down, and reported a 47 percent fall in quarterly profit hurt by lower investment-services fees. [ID:nBNG535701]

$1=$1.07 Canadian Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson

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