CANADA STOCKS-TSX could get boost from energy at open

Thu Apr 23, 2009 8:17am EDT
 
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TORONTO, April 23 (Reuters) - Toronto's main stock index could open higher on Thursday given the combination of a rise in oil prices, a higher-than-expected profit from a key energy player and a jump in equities overnight.

A rise in stocks globally overnight could help set the tone for a higher start in Toronto as overseas investors put aside recent worries about the world economy and banking woes and opted to send stocks higher. For more see [ID:nLN950313].

But investors may hold off on making big commitments until they have details of the Bank of Canada's Monetary Policy Report due out at 10:30 a.m. (1430 GMT), which will be followed by a press conference with Governor Mark Carney at 11:15 a.m.

A slew of quarterly earnings from a number of key companies could also pull the index in different directions as investors read over the details of the reports.

The S&P/TSX composite index .GSPTSE finished modestly higher on Wednesday's as stable commodity prices helped the resource-heavy index rise 31.98 points to 9,279.15.

Here is some of the news that may affect the index:

SUNCOR, HIT BY FOREX AND LOWER PRICES, POSTS Q1 LOSS

Canadian oil company Suncor Energy Inc SU.TO posted a first-quarter loss of C$189 million ($153 million) on Thursday, with foreign exchange losses and lower prices partly offset by higher downstream margins. [ID:nLN617354]

POTASH CORP Q1 PROFIT SLUMPS 46 PERCENT   Continued...