November 24, 2008 / 1:15 PM / in 9 years

CANADA STOCKS-Toronto index set to rise on Citigroup news

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), 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]

CANADA CONSUMER CONFIDENCE FALLS TO LOWEST LEVEL SINCE 1982 [nN24282314]

Consumer confidence in Canada dropped further in November to a fresh 26-year low, the Conference Board of Canada said on Monday.

CANADIAN BANKS TO REPORT RESULTS

Canadian banks will show some ugly end-of-year numbers in the next two weeks and the more interesting bit -- their 2009 outlooks -- are bound to be vague. [nN21500106]

TECK COMINCO TCKb.TO CFO RESIGNS

Teck Cominco said on Friday its chief operating officer had resigned, a day after the Canadian mining company unveiled a sweeping plan to pay down a loan that enabled it to buy a coal company for $13 billion before commodity prices collapsed. [nN223150]

NOVA CHEMICALS NCX.TO IDLES PLANT

Nova Chemicals said on Friday it will temporarily close its Beaver Valley plant in Monaca, Pennsylvania, because of weak demand for the plastics produced there and said the facility won’t reopen until markets and profits improve. [nN21496674] ($1=$1.27 Canadian) (Reporting by Scott Anderson; Editing by Kenneth Barry)

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