TSX may open higher on gold, oil

Mon Nov 16, 2009 7:55am EST
 
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TORONTO (Reuters) - Toronto's main stock market index could open higher on Monday as gold prices climbed to a fresh high and oil rose, while investors await October U.S. retail sales due out before the market's open.

The resource-heavy index is expected to add to Friday's modest gains as the price for the gold hit a new high above $1,130 an ounce as momentum from recent gains and a slide in the U.S. dollar index sparked fund buying of the precious metal.

Oil is also seen spurring activity on Monday as U.S. crude climbed 1.1 percent on the back of the weaker U.S. currency.

Toronto's main stock index finished higher on Friday as stronger bullion prices pushed up shares of heavyweight miners, while Suncor Energy Inc rose on multibillion-dollar plans to boost crude production.

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

GENERAL MOTORS

General Motors Co. said on Monday it plans to start repaying a $6.7 billion loan to the U.S. Treasury by year-end on modest operating improvements and make another payment to the Canadian government.

BROOKFIELD GROUP

Shareholders in Babcock & Brown Infrastructure on Monday approved a $1.7 billion plan backed by Canada's Brookfield Group to rescue the debt-saddled Australian port, railway and pipeline asset manager.   Continued...