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 (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...