Banks, gold poised to help Toronto stocks rebound

Mon Mar 24, 2008 9:00am EDT
 
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TORONTO, March 24 (Reuters) - Toronto stocks were poised for gains on Monday, on the back of firm financial and metal shares as it tries to recover from steep losses last week.

But the advance may be capped by weakness in the influential energy group.

"The financials and the golds could give the market a little bit of lift here today," said Steve Ibel, an institutional equities trader at Beacon Securities in Halifax, Nova Scotia.

"But oil is trading down so that could be the one negative point on the market today."

Ibel also saw some volatility throughout the session as the North American markets set their own course, with some key global markets closed for Easter Monday.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE begins the week at 12,775.64 after ending the holiday-shortened week with a gain of 66 points. Domestic markets were closed on Good Friday.

For all of last week, the key index lost 3.6 percent, however, as retreating resource prices and worries over the stability of the financial sector weighed heavily on two of the market's key sectors.

Bank stocks could find strength on Monday in the wake of news that JPMorgan Chase & Co (JPM.N: Quote) was in talks to quintuple its offer to buy Bear Stearns Cos BSC.N.

JPMorgan could lift its offer for Bear to $10 per share from its original $2, in a deal which would value the company at more than $1 billion.   Continued...