CANADA STOCKS-Resources seen weighing on TSX

Fri Nov 20, 2009 8:07am EST
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TORONTO Nov 20 (Reuters) - Toronto's main stock market index could open lower on Friday as a stronger U.S. dollar and weaker oil prices put pressure on the resource stocks.

The key gold and oil companies, which account for a large proportion of the overall weighting on the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE, were expected to feel pressure as the prices for the key commodities weaken.

Toronto's main stock index skidded on Thursday as oil prices dropped and Manulife Financial (MFC.TO: Quote) rattled investors by announcing a surprise, C$2.5 billion stock offering.[nN19192763]

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


Oil edged lower dropping below $77 a barrel on Friday, extending a 2 percent drop in the previous session and pressured by a stronger U.S. dollar. [nSP361511]


Gold held near $1,140 an ounce in Europe on Friday as the upward momentum which has lifted prices more than 9 percent this month was kept in check by a recovery in the dollar index .DXY. [nLK597783]

CANADA'S ECONOMY   Continued...