CANADA STOCKS-Toronto index set to rise on Citigroup news

Mon Nov 24, 2008 8:12am EST
 
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TORONTO Nov 24 (Reuters) - The Toronto Stock Exchange's main index was poised to rise on Monday, following a 5.6 percent jump on Friday, after the U.S. government bailed out Citigroup Inc (C.N: Quote), agreeing to absorb losses on $306 billion of high risk assets and provide $20 billion of new capital. [nN24499982]

Both gold and oil could also prop up the market as the price for the key commodities were all showing strength.

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

OIL RISES

Oil rose by almost $2 a barrel on Monday as investors considered the prospect of a further OPEC supply cut and as stock markets rallied following the U.S. government rescue of Citigroup. [nSYD419333]

GOLD REACHES 5-WEEK HIGH

Gold prices jumped to a five-week high as investors piled in seeking safety from financial uncertainty after the Citigroup rescue package. [nLO3284]

CANADA MAY BE IN RECESSION

The global financial crisis may have pushed Canada's economy into a "technical" recession, Finance Minister Jim Flaherty said on Sunday, the first time the Conservative government has conceded that possibility. [nN23478713] [nN23473002]   Continued...