Toronto stock index set for weaker opening

Tue Jul 29, 2008 9:03am EDT
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*TSX could open weaker on U.S. financial news

*Softer prices of oil and gold may weigh

*Rogers quarterly results may be in focus

TORONTO, July 29 (Reuters) - The Toronto Stock Exchange's main index looked poised for a weaker open on Monday amid concern about the health of the U.S. financial system, though a profit report from heavyweight Rogers Communications (RCIb.TO: Quote) may provide a lift.

With the prices of oil and gold weaker, investors may look to U.S. consumer confidence data for July due out later on Tuesday morning for direction, said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

"What you're going to see is people waiting to see the big number come out," said Ibel. "That could really dictate how the market trades throughout the remainder of the day."

Meanwhile, a ream of quarterly earnings reports could give the market some trading incentives, he said.

In the oil sector, Talisman Energy TLM.TO could be in focus after it reported a drop in second-quarter profit, while Canadian Oil Sands Trust COS_u.TO was expected to release results later in the day.

Rogers could cheer investors after it reported a quarterly profit, following a loss a year earlier, amid growth in subscribers and revenue.   Continued...