June 23, 2009 / 11:59 AM / 8 years ago

CANADA STOCKS-TSX may tick higher at open after big sell-off

3 Min Read

TORONTO, June 23 (Reuters) - Toronto's main stock index could open flat to higher on Tuesday following a 4 percent slide in the previous session, as commodity prices stabilize and help to support the resource-heavy market.

World stocks and oil slipped on Tuesday as concerns about the prospect for an economic recovery pushed key equity indexes into negative territory for the year. [MKTS/GLOB]

However, U.S. stock index futures pointed to a higher open as Moody's Investor Service said the U.S. government was not in danger of losing its top rating. For more see [ID:nN23537953].

On Monday, the S&P/TSX composite index .GSPTSE finished down 453.77 points, or 4.41 percent, to 9,834.18.

Here is some news that could affect the market:

Quebecor World Inc iqw.to

Insolvent commercial printer Quebecor World Inc said its creditors have approved its U.S. and Canadian plans of reorganization. [ID:nLN597652] [ID:nWNBB0210]


Thomson Reuters TRIL.L (TRI.N) plans to withdraw its shares from the London Stock Exchange, severing a key connection with Reuters' British roots. [ID:nN22523423]

Oil Sags

Oil CLC1 fell towards $67 a barrel on Tuesday as uncertainty over the state of the global economy hit equity markets and increased expectation that oil demand could be slow to revive significantly. However, oil's losses were limited by U.S. dollar weakness [FRX/]. [ID:nSIN510304]

Gold, Base Metals Steady

Gold rallied from the session's six-week low, with currency fundamentals proving the dominant factor as the dollar was stung by concerns over U.S. indebtedness. [ID:nLN873679]

Copper bounced on Tuesday after two days of losses after touching a three-week low as investors balanced signs the Chinese economy will remain strong with concerns the world's top economies face slow recovery. [ID:nLN541176]

Petro Andina Resources Inc par.to

Petro Andina Resources retains financial advisors for unsolicited take-over bid. It says Firstenergy Capital and Scotia Waterous retained to act as financial advisors. [ID:nWNBB0123]

Canada Research

Canaccord Adams downgraded Vermilion Energy Trust VET_u.TO to "hold" from "buy," and cut its target price on the stock to C$30 from C$32, due to uncertainty surrounding the sale of Verenex Energy Inc VNX.TO. [ID:nBNG30098] ($1=$1.15 Canadian) (Reporting by Jennifer Kwan; Editing by James Dalgleish)

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