September 22, 2008 / 12:59 PM / 9 years ago

CANADA STOCKS - Factors to watch on Sept 22

3 Min Read

TORONTO, Sept 22 (Reuters) - Canada's S&P/TSX composite index .GSPTSE may get a boost from strength in resources, but U.S. futures point lower [ID:nN22260126] and profit taking is likely after the benchmark made its biggest percentage gain since the aftermath of the October 1987 stock market crash.

Here is some of the news that could influence the market. Reuters has not verified the accuracy of press reports.

GOLDMAN (GS.N), MORGAN STANLEY (MS.N)

Goldman Sachs Group Inc and Morgan Stanley give up investment bank status of two decades and seek shelter with the U.S. Federal Reserve to become bank holding companies in a move to survive the financial storm. [ID:nSP4331]

Big Bailout

Investors await details on Washington's planned $700 billion bailout plan for a sweeping mop up aimed at taking toxic mortgage debt of balance sheets. [ID:nN21839395]

Canada Short Sales Ban

Canada's largest provincial securities watchdog will follow other international authorities with a temporary ban on short-selling certain financial stocks. [ID:nN19311825]

MANULIFE (MFC.TO)

Manulife Financial (MFC.TO) is among the global insurers poised to bid for parts of American International Group (AIG.N), a major casualty of the the U.S. credit crisis, the Globe and Mail newspaper said. [ID:N22226017]

National Bank

National Bank of Canada Financial Group (NA.TO) says it has agreed to acquire 12.5 percent fully diluted equity interest in Wellington West. [ID:nWNAS1935]

Angioetech

Angiotech Pharmaceuticals announces plans to reorganize and cut costs. [ID:nWNA4583]

OIL CLc1 RISES ABOVE $107

Oil rose to above $107 a barrel, extending a rally sparked by the U.S. rescue plan for its financial sector to restore confidence in jittery markets. [ID:nSYD356880]

Gold Glitters, Base Metals Shine

Gold climbs above $872 an ounce on a weakening U.S. dollar amid fears that a multi-billion dollar bailout plan to stabilize the financial sector may not succeed, [ID:nLM553371], while more base metals rose. [ID:nLM590067]

July Retail Sales

Canadian retail sales grew a weaker-than-foreseen 0.1 percent in July, their slowest pace since March as easing gasoline prices and fewer new car deals drove down automotive sector sales, Statistics Canada said. [ID:nN22]

Canada Election

Canada's ruling Conservatives have a large lead over the opposition Liberals and stand a good chance of winning a Parliamentary majority in an Oct 14 federal election, a weekend poll says. [ID:nN20453938] ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; editing by Janet Guttsman)

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