CANADA STOCKS-TSX may open higher on gold, data eyed

Wed Nov 18, 2009 8:24am EST
 
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TORONTO Nov 18 (Reuters) - Toronto's main stock market index could open higher on Wednesday as strong oil and record gold prices boost the resource-heavy market, while investors digest the latest inflation data from both Canada and the United States.

Canadian consumer prices rose on an annual basis in October for the first time since May due to less downward pressure on gasoline prices and rising food and household costs, Statistics Canada said on Wednesday. [nN1892543]

Investors are also bracing for the release of U.S. consumer price index figures for October. Economists in a Reuters survey expect a 0.2 percent rise, a repeat of the September increase.

Toronto's main stock index rose on Tuesday as commodity prices ticked higher and shares of Potash Corp of Saskatchewan POT.TO rallied after billionaire investor George Soros's hedge fund raised its stake in the company.

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

RECORD GOLD

Gold hit a fresh record high near $1,150 an ounce on Wednesday, boosting precious metals across the board, as a dip in the dollar index .DXY added to momentum buying after prices broke through key technical resistance levels. [nLI555554]

OIL STRONGER

Oil rose above $80 per barrel on Wednesday as the dollar weakened against a basket of other currencies and after an industry report showed U.S. crude oil stocks fell steeply last week. [nSYD401359]   Continued...