CANADA STOCKS-TSX may slip as oil retreats, eye on banks

Fri Feb 27, 2009 8:28am EST
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TORONTO Feb 27 (Reuters) - Toronto's main stock index may open lower on Friday after a three-session rally as the price of oil fell and U.S. banking news may add pressure.

While oil slipped below $44 a barrel, it was poised to make its first monthly gain since June.

Meanwhile, the U.S. Treasury Department said it will convert some of the preferred stock it holds in embattled lender Citigroup into common stock, a step that will give it a significant stake in the bank. [ID:nN27372191]

The S&P/TSX composite index .GSPTSE climbed on Thursday for a third straight session in a rally sparked by better than expected bank earnings and stronger oil prices.

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


Oil fell back from its three-day bull run, paring around 3 percent in early trade, but otherwise remaining on course to end the month up 5 percent from January, its first monthly gain since June. [ID:nSIN461583]

Gold firmed in Europe as lingering risk aversion amid fresh losses on the equity markets lifted the metal from the two-week lows it hit earlier in the session. [ID:nLR645000]

HUDBAY   Continued...