CANADA STOCKS-Gold to shine on TSX, data eyed

Fri Jan 30, 2009 8:36am EST
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TORONTO Jan 30 (Reuters) - Toronto's main stock market index could open higher on Friday as strong gold prices shine a spotlight on the resource-based index, but this could be offset by more worries over the health of the North American economy.

Gold rallied more than 2 percent in Europe to a three-month high, as investors once again sought the safety of bullion from volatility in other assets. [nLU140642]

Investors will also take time to digest readings on the gross domestic product due out in both Canada and the United states. Analysts, on average, expect Canada's GDP to contract 0.4 month over month, providing more evidence that Canada has entered a recession. [nECICI]

Toronto's main stock index .GSPTSE ended lower on Thursday, falling 1.6 percent, to 8,762.76, as nagging economic concerns hit weighty bank shares and lower oil prices rattled the energy group, forcing the TSX to undo nearly all its gains from the prior session. [ID:nN29315655]

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


Norway's $300 billion plus sovereign wealth fund has excluded U.S. weapons producer Textron Inc (TXT.N: Quote) and Canadian mining group Barrick Gold Corp (ABX.TO: Quote) for ethical reasons. [ID:nLU598315]


Norbord Inc NBD.TO posted a steep fourth-quarter loss as lower production volumes and higher costs hit the specialty wood products company. [ID:nWNAB6179]   Continued...