CANADA STOCKS-TSX could start higher on commodity rally

Fri Apr 24, 2009 8:33am EDT
 
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TORONTO, April 24 (Reuters) - Toronto's main stock index could open higher on Friday as the resource-heavy index may draw support from a rise in oil and gold prices while the latest batch of U.S. corporate earnings could lend further support.

With no key Canadian corporate earnings due out on Friday, investors may look for direction from U.S. equities, which look set to open higher after automaker Ford Motor Co (F.N: Quote) reported better-than-expected results. [ID:nN24400235]

The S&P/TSX composite index .GSPTSE closed at 9,409.50 in Thursday's session given a 1.4 percent gain. But it remains down on the week and needs to close about 29 points higher on Friday to finish higher for the seventh straight week.

Here is some of the news that may affect the index:

OIL RISES ABOVE $50, EQUITIES, DOLLAR SUPPORT

Oil rose above $50 on Friday, supported by firmer stock markets and a weaker dollar, but the gains were capped by historically high inventories. [ID:nSP416073]

CHINA BUYING BOOSTS GOLD TO 3-WEEK HIGH

Gold surged to a three-week high on Friday, boosted by the prospect of further purchases by China, after the country revealed it had been buying the precious metal since 2003. [ID:nLO625427]

STIMULUS MEASURES STARTING TO WORK -BANK OF CANADA   Continued...