CANADA STOCKS-Toronto stocks set to follow oil lower

Tue Nov 25, 2008 8:44am EST
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TORONTO Nov 25 (Reuters) - The Toronto Stock Exchange's main index .GSPSTE is set to fall on Tuesday as oil prices unwound a near-10 percent rally.

Further pressure may come as domestic bank earnings season begins with Bank of Montreal (BMO.TO: Quote), while several miners announced plans to scuttle deals or suspend operations.

The main index climbed 3.5 percent on Monday, its second consecutive session of gains, with resource issues supported by rising oil prices and the U.S. government's rescue plan for banking giant Citigroup (C.N: Quote) lifting market sentiment.

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


Bank of Montreal quarterly profit rose 24 percent and despite an after-tax charge related to capital markets. The bank also transferred C$2 billion of securities from its trading portfolio to its available-for-sale portfolio. [ID:nWNAB7194]

See also: TD Bank, RBC announce equity financings that will increase their regulatory capital ratios [ID:nN24527304]


Oil fell to below $53 a barrel, unravelling a near 10-percent rally the previous session as optimism over the latest government bank bail-out dispersed. [ID:nSP128607]   Continued...