December 30, 2008 / 1:41 PM / 9 years ago

CANADA STOCKS-TSX set to open lower, oil dips, US data eyed

2 Min Read

TORONTO, Dec 30 (Reuters) - Toronto's main stock market index was seen opening lower on Tuesday, handing back some of Monday's big gain and as the price of oil and gold eased from recent jumps triggered by violence in the Middle East.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE jumped nearly 4 percent on Monday to close at 8,637.29, its highest level since Dec. 16.

Volume is expected to be light again with the trading week shortened by the New Year's Day holiday on Thursday.

Here is some of the news that may affect the market:

Oil Dips Below $40

Oil fell below $40 a barrel, pressured by gloom about prospects for world economic growth which outweighed heightened tensions in the Middle East due to the Israeli-Hamas conflict. For details, see [ID:nSIN393322].

Biovail Recall

Biovail BVF.TO said it would voluntarily recall certain lots of Ultram ER, its extended-release tramadol hydrocholoride tablets, from pharmacies and wholesalers because some lots were out of specification by about 1 percent with respect to maximum dissolution at the eight-hour mark. The recall will hit Ultram revenues by $4.4 million in the fourth quarter. [ID:nWNAB6098]

u.s. To Support Auto Lender Gmac

The U.S. government expanded its bailout of the U.S. auto industry on Monday, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion. [ID:nN29320920] GM and Ford shares were up sharply in premarket trading.

Data Slate

There is no Canadian data slated for release on Tuesday. U.S. economic indicators scheduled to be reported on Tuesday morning include the Conference Board's consumer confidence for December, the S&P/Case Shiller home price index for October, and the Chicago Purchasing Managers Index for December. [ID:nLT655306]

$1=$1.22 Canadian Reporting by Ka Yan Ng; Editing by Jonathan Oatis

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