CANADA STOCKS-Toronto index could get lift from energy at open

Wed Jan 21, 2009 8:10am EST
 
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TORONTO Jan 21 (Reuters) - Toronto's key stock index could get a lift at the open on Wednesday as rising prices for key Canadian exports like oil and gold may convince investors to return to the resource heavy index after a 3.8 percent skid Tuesday.

Canada is a key exporter of commodities like oil and gold and with the energy and materials sectors accounting for about 40 percent of the overall index, the Toronto index is often dictated by moves in their prices.

But nagging concerns about the global recession and the possible impact on the demand for Canadian exports could well cap any gains despite rising prices.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE is fresh off a 336.55 point skid in Tuesday's session that was driven by the gloomy global economic outlook.

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

RIM WITHDRAWS HOSTILE TAKEOVER OFFER FOR CERTICOM

Blackberry maker Research in Motion Ltd RIM.TO withdrew its C$66 million hostile takeover offer on Tuesday for Certicom Corp CIC.TO, saying a Canadian court ruling had left it no option. [ID:nN20412673]

SUSPENDED PETRO-CANADA OIL SANDS PLANT APPROVED

Alberta's energy regulator said on Tuesday it approved Petro-Canada's PCA.TO plans for an oil sands processing plant near Edmonton that the company has already deferred due to low oil prices and the financial meltdown. [ID:nN20513074]   Continued...