CANADA STOCKS-TSX may retreat after big gain; oil weighs

Fri Mar 27, 2009 8:25am EDT
 
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TORONTO, March 27 (Reuters) - Toronto's main stock index could open lower on Friday as the energy and materials sector are pressured by weakness in commodities prices and as investors take pause after the market penetrated the 9,000 level in the previous session.

Global stocks paused on Friday after rallying on tentative hopes of economic recovery while U.S. stock index futures pointed to a lower open after strong gains. See [MKTS/GLOB] [ID:nLR448221]

On Thursday, the S&P/TSX composite index .GSPTSE finished up 198.06 points, or 2.25 percent, at 8,995.50, as energy issues climbed in tandem with oil prices on optimism that government stimulus measures may be helping to jolt the global economy out of recession.

At one point, the market hit 9,018.50, its highest level in more than six weeks, and the gains lifted the composite to a 0.09 percent gain for the year.

Here is some news that could affect the market:

ONTARIO BUDGET

The government of Ontario said on Thursday it would run budget deficits for the next six years as it spends heavily on infrastructure and cuts some taxes to offset the impact of the global financial crisis on its export-oriented economy. [ID:nN26512563]

AGRIUM (AGU.TO: Quote)

Agrium Inc increases offer for CF Industries to $35.00 in cash plus one Agrium share per CF share, an increase of 10 percent in cash consideration. [ID:nWNAB8091]   Continued...