CANADA STOCKS-TSX seen up on hopes over US toxic asset plan

Mon Mar 23, 2009 8:52am EDT
 
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TORONTO, March 23 (Reuters) - Toronto's main stock index could open higher on Monday, supported by firmness in the price of oil and following global equity markets upward on optimism over a U.S. plan to purge banks of toxic assets.

U.S. stocks index futures soared on Monday on news of the plan to buy up to $1 trillion worth of toxic assets from banks, a key element of its drive to pull the economy out of recession. [MKTS/GLOB]

On Friday, the S&P/TSX composite index .GSPTSE ended down 184.14 points, or 2.12 percent, at 8,506.35, ending a string of eight consecutive higher closes.

Here is some news that could affect the market:

SUNCOR ENERGY (SU.TO: Quote), PETRO-CANADA PCA.TO

Suncor Energy Inc, Canada's No.2 oil company, agreed to buy rival Petro-Canada for about C$18.43 billion to expand its oil sand reserves and create the country's biggest energy group. [ID:nN22497404]

Separately, Petro-Canada PCA.TO and partners in its Fort Hills oil sands venture said on Friday they reached an deal with the Alberta government on extending leases, one of the steps needed to move the delayed project ahead. [ID:nN20525343]

POTASH (POT.TO: Quote)

Potash Corp of Saskatchewan Inc said on Monday that it planned to give its shareholders a say on the way it pays its top executives, joining several other Canadian companies that have adopted the practice in recent weeks. [ID:nN23175020]   Continued...