September 24, 2008 / 1:00 PM / 9 years ago

CANADA STOCKS - Factors to watch on Sept 24

4 Min Read

TORONTO, Sept 24 (Reuters) - Canada's S&P/TSX composite index .GSPTSE could open higher on Wednesday, boosted by firmness in commodities and Warren Buffett's $5 billion investment in Goldman Sachs (GS.N).

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


Warren Buffett, one of the world's most respected investors, will pump $5 billion into Goldman Sachs Group Inc in a deal that could see Buffett's Berkshire Hathaway Inc (BRKa.N) hold a 9 percent stake in Goldman. [ID:nHKG43245] For more stories see [ID:nN13574113]


Nexen Inc says some of its fields in the U.S. Gulf will be shuttered until 2009 related to damage from Hurricane Ike and expects minimal production volumes from operations for the rest of the quarter. In the fourth quarter, production volumes in the U.S. Gulf are expected to range between 10,000 and 20,000 barrels of oil equivalent a day. [ID:nWNAB2541]


EnCana Corp will begin an expansion project this month at the refinery in Wood River, Illinois, that it co-owns with ConocoPhillips (COP.N). Canada's biggest energy company expects to complete the project over the next three years. [ID:nBNG19368]


Third-quarter profit at money management firm AGF Management rose on lower interest, amortization and taxes, but global market volatility dragged revenue lower. [ID:nN24399917]

Royal Bank of Canada

Royal Bank of Canada (RY.TO) says Charles "Chuck" Winograd, chairman and chief executive of RBC Capital Markets, is to retire effective Oct 31. [ID:nWNAB2573]


Oil rose more than $2 to $109 a barrel as worries over U.S. fuel supply and signs OPEC cut output in September overcame anxiety about the U.S. bailout plan for the financial system and ahead of weekly U.S. inventory data due later on Wednesday. [ID:nSP199772]

Gold Down, Base Metals Higher

Gold rose slightly as oil rose and on a weakening U.S. dollar, reversing course after edging down to below $890 an ounce as risk appetite was seen recovering. [ID:nLO49738] Most base metals were higher, but uncertainty around the big financial bailout plan lingered. [ID:nLO143612]

Gildan Activewear

Raymond James cuts Gildan Activewear (GIL.TO) to 'outperform' from 'strong buy' and its price target to $35 from $30. [ID:nWNAS2269]

National Bank

National Bank of Canada (NA.TO) said a portable computer containing data about mortgage customers was stolen late last week from the bank's head office in Montreal, but it said the risk of fraud or identity theft was "minimal." [ID:nN23407075]

Bailout Blues

The U.S. government's push for quick congressional approval of a $700 billion bailout for the financial industry aimed at mopping up toxic mortgage-related securities hit a major obstacle among senators who said the plan puts taxpayers at excessive risk. [ID:nN23313135] ($1=$1.03 Canadian) (Reporting by Jennifer Kwan; editing by Janet Guttsman)

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