CANADA STOCKS-Toronto index set to rise after big drop

Fri Nov 21, 2008 8:56am EST
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TORONTO Nov 21 (Reuters) - The Toronto Stock Exchange's main index is poised to rise on Friday after a 9 percent tumble in the previous session on firmer oil and metals prices, and as stocks in Europe and Asia were higher.

The S&P/TSX composite index .GSPTSE sank to its lowest level in five years on Thursday as an earnings warning from Toronto-Dominion Bank (TD.TO: Quote) pounded the financials group and the price of crude slid below $50 a barrel. It was the biggest percent drop since October 1987.

Here is some news that could affect the market:


Canadian consumer prices registered their sharpest decline in nearly 50 years in October, dropping 1 percent from September as gasoline prices plummeted from recent high levels, Statistics Canada said on Friday. [ID:nN21500487]


RBC cuts Toronto-Dominion Bank to underperform from sector perform and reduces price target to C$49 from C$53. [ID:nWNAB6266] TD Bank said on Thursday that the "dramatic" lack of liquidity in global credit markets will prompt charges of C$350 million for credit-trading losses, reducing its fourth-quarter earnings. [ID:N20398511]


Oilexco Inc, a Canadian oil explorer that operates in the North Sea, says it has abandoned plans to raise as much as $150 million selling convertible debentures and to issue 20 million shares because its board considered the move too dilutive. [ID:nN20412885]   Continued...