CANADA STOCKS-Toronto index set to fall as oil drops, Teck eyed

Thu Nov 20, 2008 8:59am EST
 
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TORONTO Nov 20 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE is poised to fall on Thursday, with the declining price of oil setting the direction amid a backdrop of persistent worries over the state of the world economy.

The index could extend losses from the previous session when it sank 4 percent to hit its lowest level in four years in a broad selloff led by key resource and financials issues on gloomy news from the banking sector.

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

TECK COMINCO TO CUT SPENDING, OUTPUT, SUSPENDS DIVIDEND

Teck Cominco (TCKb.TO: Quote) announced first steps in its debt reduction plan, which includes suspending its dividend. The diversified miner also cut budgeted capital expenditures, sold its stake in the Lobo-Marte gold property, and said it will reduce zinc production at the Trail complex. The measures announced amount to C$2.4 billion. [ID:nWNAB5804]

See also:

* Inmet IMN.TO to acquire remainder of Petaquilla project [ID:nWNAB5819]

* Kinross (K.TO: Quote) to acquire 100 percent interest in Lobo-Marte [ID:nWNAB5806]

OIL BELOW $52   Continued...