CANADA STOCKS-Toronto index seen rising as oil in focus

Thu Oct 23, 2008 8:51am EDT
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TORONTO Oct 23 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE may rise on Thursday as energy issues are likely to benefit from recovering oil prices and better-than-expected quarterly results from some big oil explorers.

But the focus may turn from corporate results to company outlook in any sector as recession worries hover in the background.

The Bank of Canada will offer its economic views in its Monetary Policy Report, due at 10:30 a.m. (1430 GMT).

The TSE index closed nearly 6 percent lower on Wednesday as resource issues sank along with commodity prices on concerns that a global economic slowdown will slash demand.

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


Quarterly results beat expectations at oil explorers Petro-Canada PCA.TO [ID:nBNG372282] and EnCana (ECA.TO: Quote) [ID:nBNG274906]. Profit rose sharply in a period where oil prices climbed to records before falling in the financial crisis. Precision Drilling PD_u.TO, an oil and gas drilling contractor, said its profit rose 13 percent, helped by U.S. expansion. [ID:nN22370234]


Oil sands producer Suncor (SU.TO: Quote) said the board approved a C$6-billion capital spending plan for 2009, reducing targeted spending by more than a third following a review of current market conditions. About 60 percent of that amount is earmarked for Suncor's Voyageur oil sands project. [ID:nN23427017]   Continued...