CANADA STOCKS-Toronto stocks to fall, eyes oil, earnings

Wed Oct 22, 2008 8:54am EDT
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TORONTO Oct 22 (Reuters) - The Toronto Stock Exchange's main index may slip at the open on Tuesday as the price of oil eased to near 16-month lows.

Investors will also digest Tuesday's corporate results that came in after the bell, including numbers from Husky Energy (HSE.TO: Quote) and Canadian National Railway (CNR.TO: Quote). Teck Cominco TCKb.TO is set to kick off the results parade of Canadian miners on Wednesday after market close. [ID:nN2129586]

The index broke its two-day winning streak by plunging 4.4 percent, hit by disappointment over a leaner-than-expected interest rate cut by the Bank of Canada and by falling commodity prices on Tuesday.

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


Kicking off the Canadian oil patch's third-quarter reporting period, Husky Energy Inc's (HSE.TO: Quote) profit jumped 65 percent as oil prices hit a record before the global financial meltdown prompted a major pullback [ID:nN21528561]


Oil fell below $70 a barrel on the view that economic growth concerns could limit the impact of any supply cuts OPEC might agree at a meeting this week. Evidence of mounting global supplies is expected to emerge when the U.S. government publishes weekly statistics on oil inventories. [ID:nT335978]

CN RAIL PROFIT UP   Continued...