CANADA STOCKS-Toronto index may rise on oil, banks may offset

Tue Oct 28, 2008 8:52am EDT
 
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TORONTO Oct 28 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE may rise at the open on Tuesday as commodity prices recovered and profit at Rogers Communications RCIb.TO rose sharply.

But gains may be tempered by the financials sector as brokerage Dundee Securities downgraded the country's biggest banks as their fiscal year-ends draw to a close.

Some bargain hunters may also emerge after Monday's late-session drop. The index closed on Monday below 9,000 for first time since December 2004, as it lost more than 300 points in the last half hour of trade. It finished down 8.14 percent at 8,537.34. The benchmark index is down 27 percent so far this month.

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

IPHONE LIFTS PROFIT AT ROGERS COMMUNICATIONS

The country's biggest wireless service provider said quarterly profit jumped 84 percent, beating analysts' expectations, helped by sales of Apple's iPhone. Rogers also lowered its 2008 outlook for its wireless unit as the costs to activate new subscribers mounted. [ID:nN27347751]

OIL ABOVE $64

Tracking a recovery in European and Asian stock markets, oil rose above $64 a barrel. Market players were also watching closely for evidence OPEC was implementing its decision last week to cut output, as well as Wednesday's data on U.S. fuel stocks. [ID:nSP356619]

GOLD, OTHER METALS FIRMER   Continued...