March 30, 2009 / 12:41 PM / 8 years ago

CANADA STOCKS-TSX seen down as US auto woes hit, oil weighs

 TORONTO, March 30 (Reuters) - Toronto’s main stock index could open lower on Monday as commodity prices pulled back and fresh troubles in the U.S. auto sector hit investor sentiment.
 World stocks slumped and government bonds rose on Monday on concerns General Motors Corp (GM.N) and Chrysler were edging closer to bankruptcy as their turnaround plans were rejected. Concerns about the banking sector in Europe also hit sentiment. For more see [ID:nLU230709] and [ID:nN29520526].
 U.S. stock index futures pointed to a sharply lower open on Monday. [ID:nN30324837]
 On Friday, the S&P/TSX composite index .GSPTSE was down 174.44 points, or 1.94 percent, at 8,821.06, as a drop in commodity prices shook the resource-heavy market.
 Here is some news that could affect the market:
 The United States rejected rescues for General Motors (GM.N) and Chrysler, rekindling concern the automakers could go bankrupt, while three European governments were forced to help struggling lenders. [ID:nLU302379] [ID:nLU302379]
 Canadian nickel and copper miner FNX Mining posted a fourth-quarter loss on Monday, due to a slump in metal prices and asset impairment charges. [ID:nN30322715]
 U.S. fertilizer producer CF Industries Holdings Inc CF.N said its board of directors rejected Canadian fertilizer company Agrium Inc’s (AGU.TO) AGU.N revised takeover offer of about $3.8 billion.
 In a statement late on Sunday, CF said its board concluded that Agrium’s offer is “grossly inadequate”, substantially undervalues the company and is not in the best interests of the company and its shareholders. [ID:nBNG383599]
 Bombardier Inc (BBDb.TO) says Lease Corporation International orders 20 Bombardier CSeries jetliners for about $1.44 billion. [ID:nWNAB8531]
 Canadian Prime Minister Stephen Harper said on Sunday it was crucial for the Group of 20 major developed and emerging economies to put a focus on reigniting growth at their summit this week in London. [ID:nN29276425]
 UTS Energy Corp said on Friday it expects its shareholders to reject Total SA’s (TOTF.PA) C$617 million takeover offer after the Canadian oil sands developer’s board reiterated its objection to the hostile bid. [ID:nN27271250]
 Oil fell below $51 a barrel on Monday, extending the previous sessions’ losses, pressured by a stronger U.S. dollar and a slump on global stock markets. [ID:nSYD421224]
 Gold slipped on Monday as the dollar rallied against the euro, but investors spooked by renewed turmoil on equity markets are expected to support the market with fresh buying. [ID:nLU619387] Base metals were lower. [ID:nLU254434]
 Genuity cuts Shaw Communications (SJRb.TO) price target to C$21 from  C$24, cuts to hold from buy. [CA-RCH]
 Goldman Sachs revises targets on North American transportation companies including Canadian National Railway CNI.N and Canadian Pacific Railway (CP.N). [ID:nWNAB8493]  ($1=$1.25 Canadian)  (Reporting by Jennifer Kwan; Editing by James Dalgleish)   

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