Toronto stock index set to open higher on results

Thu Jul 24, 2008 9:17am EDT
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*Quarterly results could buoy benchmark

*TSX could find support in stabilizing oil, gold prices

*Kinross to buy Aurelian in C$1.2 bln deal

TORONTO, July 24 (Reuters) - The Toronto Stock Exchange's main index is expected to open higher on Thursday, as oil and gold prices stabilized, while Petro-Canada PCA.TO, Teck Cominco TCKb.TO and other big names in the resource sector posted strong quarterly results.

Oil nudged up to around $125 a barrel after dipping to a session low of $123.62 a barrel. Prices have fallen by more than $23 a barrel on concerns over growth demand from a record above $147 on July 11.

Gold also stabilized after sliding on Wednesday as the dollar strengthened.

Beyond that, a string of quarterly results could set a positive tone, said Fred Ketchen, director of equity trading at ScotiaMcLeod.

"Those companies that have reported earnings and that have exceeded estimates should do well," he said. However, there may be a few that come under a "little profit-taking pressure," he added.

Among companies reporting quarterly results that could ramp up activity in the resource sectors are Potash Corp of Saskatchewan (POT.TO: Quote), EnCana Corp (ECA.TO: Quote) and Husky Energy Inc (HSE.TO: Quote).   Continued...