December 24, 2008 / 1:23 PM / 9 years ago

CANADA STOCKS-TSX set to open lower, oil drops

2 Min Read

TORONTO, Dec 24 (Reuters) - Toronto's main stock market index was seen opening lower on Wednesday as falling gold and energy prices weigh on the resource-heavy market.

But volume was expected to be light as investors book off ahead of the Christmas break. The TSX is set to close at 1300 (1800 GMT).

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 62.38 points, or 0.8 percent, at 8,311.91 on Tuesday.

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

Oil Falls

Oil fell more than $2 to below $37 a barrel on Wednesday, tracking global equity losses and ahead of U.S. data expected to show an increase in crude stocks.[nSP228240]

Gold Lower

Gold slipped in thin holiday trade, shrugging off a weaker dollar, as crude oil prices fell over worries of deteriorating demand. [nLO238363]

BCE Inc (BCE.TO) said it has entered into an automatic purchase plan with a broker for repurchases of its common shares under its normal course issuer bid. [nWNAB5795]

Air Canada Concludes Financing

Air Canada ACa.TO said it concluded a series of agreements for secured financings with General Electric Capital Corporation, providing the airline with up to $195 million.[nWNAB5793]

Biovail Settles Litigation

Biovail Corp BVF.TO said it reached a settlement to resolve all outstanding litigation involving former Banc of America Securities analyst Jerry Treppel. [nWNAB5686]

Petro-Canada Settles Labor Dispute

Workers at a Petro-Canada PCA.TO refinery in Montreal have voted overwhelmingly to accept a new labor agreement to end a 13-month lockout by the company, their union said. [nN23132772]

$1=$1.21 Canadian Reporting by Scott Anderson

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