CANADA STOCKS-TSX may open lower on retreating oil price

Wed Dec 31, 2008 8:23am EST
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TORONTO Dec 31 (Reuters) - Toronto's main stock market index may open lower on Wednesday as the price of oil fell.

Still, after two straight days of triple-digit gains, despite retreating oil prices, the TSX may be able to eke out yet another advance to finish a rollercoaster trading year.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed on Tuesday at its highest level in more than four weeks in a broad-based rally. But it is still down 36 percent this year.

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 slid below $37 a barrel, heading for a fall of more than 60 percent in 2008 as the global economic slowdown bit deep into energy demand. For details, see [ID:nSP253619].


Labopharm Inc DDS.TO said it has won its first U.S. regulatory approval for its once-daily chronic pain drug Ryzolt. Three dosage strengths are expected to be launched in the second quarter of 2009 by its U.S. marketing partner, the company said. [ID:nN31303720]   Continued...