CANADA STOCKS - Factors to watch on Oct 20

Mon Oct 20, 2008 9:27am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

TORONTO Oct 20 (Reuters) - The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE is seen opening higher on Monday, buoyed by rising commodity prices.

The index is seen building on a strong finish from the previous week when it closed up 3.16 percent at 9,562.49 on Friday, snapping its three-week losing streak with a 5.5 percent weekly gain, it's biggest since October 2002.

Investor sentiment was optimistic in Asia and Europe as global efforts to shore up the banking system were cheered as the cost for banks to borrow from each other fell. [ID:nLK288525]

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

OIL RISES, GOLD GAINS

Oil headed towards $74 a barrel, supported by expectations OPEC may cut output this week to boost prices. [ID:nSYD4652] Gold tracked the price of oil higher, up 3 percent to nearly $803 an ounce [ID:nSP381119]

CREDIT CRUNCH FORCES CANADA OILS TO MAKE CUTS

The end of a spending boom among Canada's energy companies may be near as the credit crunch forces them to hunker down. The Globe and Mail newspaper reported on Monday that Nexen NXY.TO and Opti OPC.TO plan to delay expansion at its Long Lake oil sands project. [ID:nN20507269]. Most Canadian oil companies will detail their 2009 spending plans later this year. But first, they are readying their third-quarter financial results, due over the next several weeks. [ID:nN17532963]

QLT'S VISUDYNE SALES FALL   Continued...