CANADA STOCKS-TSX may retreat after surge; oil, metals weak

Tue Mar 24, 2009 8:29am EDT
 
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TORONTO, March 24 (Reuters) - Toronto's main stock index could open lower on Tuesday after surging more than 5 percent in the previous session and as weakness in commodities pressure the resource-laden market.

World stocks .MIWDOOOOOPUS continued to climb on Tuesday on optimism lingering from the previous session on a U.S. plan to purge toxic assets from the banks' balance sheets. [ID:nLO289300]. However, U.S. stock index futures pointed to a lower open. [ID:nLO103515]

On Monday, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 452.16 points, or 5.32 percent, to close at 8,958.51. This was its highest close in six weeks as a massive takeover of Petro-Canada PCA.TO and a U.S. plan to rid banks of toxic assets helped boost sentiment.

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

HUDBAY MINERALS INC (HBM.TO: Quote)

HudBay Minerals Inc said on Monday its board of directors resigned and will be replaced by a slate put forward by dissident shareholder SRM Global Master Fund. [ID:nN23299874]

TEMBEC INC (TMB.TO: Quote)

Canadian forest products company Tembec announced a temporary curtailment of operations in the Kapuskasing region, which will affect about 510 employees at its sawmill, newsprint and forestry operations. [ID:nN24326319]

SUNCOR ENERGY (SU.TO: Quote), PETRO-CANADA PCA.TO   Continued...