November 27, 2008 / 1:43 PM / 9 years ago

CANADA STOCKS-Toronto stocks index set to fall as oil eases

TORONTO, Nov 27 (Reuters) - The Toronto Stock Exchange’s main index is seen falling on Thursday as commodity prices take a breather from recent gains.

With U.S. markets closed for the Thanksgiving holiday, trading volume is expected to be muted and may cause dramatic swings. Elsewhere, global stocks hit two-week highs, but there was no shortage of bleak news in Europe. [MKTS/GLOB]

Toronto’s main index rose for the fourth straight session on Wednesday as strength in commodities overcome a steep drop in shares of BCE Inc (BCE.TO) after the telecommunications giant said its leveraged buyout deal was in doubt.

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

OIL FALLS, GOLD STEADY

Oil fell to around $53 a barrel as a holiday weekend in the United States and an upcoming OPEC consultative meeting limited trade. [ID:nSP350327] Gold was little changed in Europe. [ID:nLR122834]

* See also: Toronto’s energy index .SPTTEN hits four-day winning streak for the first time since mid-June. [ID:nN26354143]

BCE AFTERMATH

Genuity cut the price target on BCE (BCE.TO) as the C$34.8 billion leveraged buyout of the Canadian telecom giant -- the world’s largest deal of its kind -- stands on the brink of collapse.

For more on BCE buyout story, please see [ID:nN26363240]

OPTIONS INVESTORS TURN OPTIMISTIC ON YAMANA

Bullish bets were building up in Yamana Gold (YRI.TO) as many option players accumulated call options in the Canadian miner. Sentiment based on option order flow was 72 percent bullish, Trade Alert data showed. [ID:nN26360583]

TOTAL DECLINES COMMENT ON NEXEN BID REPORTS

French oil major Total declined comment on reports of rumors it was considering a bid for Canadian oil and gas company Nexen Inc NXY.TO. [ID:nLR142644]

$1=$1.23 Canadian Reporting by Ka Yan Ng; Editing by Steve Orlofsky

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