CANADA STOCKS-TSX may open higher ahead of Fed; oil to weigh

Wed Jun 24, 2009 8:52am EDT
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TORONTO, June 24 (Reuters) - Toronto's main stock market index could open higher on Wednesday, following along with global equities on expectations the U.S. Federal Reserve will not raise interest rates any time soon.

But weakness in the price of oil CLc1 could weigh on the resource-heavy market.

The dollar hit its lowest in nearly two weeks and global stocks edged up ahead of the conclusion of the U.S. Federal Reserve's rate-setting meeting. [MKTS/GLOB]. U.S. stock index futures pointed to a higher open. [ID:nN24465540]

On Tuesday, the S&P/TSX composite index .GSPTSE rose 62.54 points, or 0.64 percent, to 9,896.72, helped higher by a rise in commodity prices.

Here is some news that could affect the market:


China's Sinopec Group agreed to buy Addax Petroleum Corp for about C$8.27 billion in a move to secure the Swiss oil and gas explorer's high potential oil blocks in West Africa and Iraq's Taq Taq field. [ID:nBNG477261]


Mutual fund and wealth management company AGF Management Ltd AGFb.TO reported a drop in quarterly profit on Wednesday as the downturn in global markets sent investment revenues lower. [ID:nN2368731]   Continued...