CANADA STOCKS-TSX may rise from 5-yr low, helped by oil

Tue Feb 24, 2009 8:49am EST
 
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TORONTO Feb 24 (Reuters) - Toronto's main stock index may open higher on Tuesday as investors look for beaten-down shares the day after the index slid to its lowest closing level in more than five years.

The positive tone in the price of oil may lend some support to the energy group, which dropped 5 percent in the previous session, but the falling price of gold may offset.

Meanwhile, U.S. stock index futures pointed to a higher open as investors scoured the market for bargains after Monday's slide, which had prompted similar declines in overseas markets.

The S&P/TSX composite index .GSPTSE fell nearly 4 percent on Monday, hit by lower commodity prices, weak economic data and nagging concerns about U.S. banks.

Below is some of the news that may affect the market.

MAGNA INTERNATIONAL

Autoparts maker Magna International MGa.TO reported a quarterly loss, hurt by a slump in global vehicle production and sales. It expects the first half of 2009 to be particularly challenging, as many original equipment manufacturers struggle to reduce dealer inventories. [ID:nN23445856]

HUDBAY SCRAP LUNDIN DEAL TO PACIFY INVESTORS

HudBay Minerals HBM.TO said on Monday it had terminated its agreement to acquire Lundin Mining LUN.TO, currently valued at about C$731.6 million, as it believes its shareholders would not approve the deal given current market conditions. [ID:nN23445856]   Continued...