December 2, 2008 / 1:56 PM / 10 years ago

CANADA STOCKS-TSX poised to open higher after big tumble

TORONTO, Dec 2 (Reuters) - The Toronto Stock Exchange’s main index could open higher on Tuesday after a 9.3 percent slide in the previous session and as oil and gold prices trimmed earlier losses.

U.S. stock futures pointed higher on expectations investors would search for beaten-down shares and on hopes for an auto industry bailout. [ID:nN02545222]

On Monday, the S&P/TSX composite index .GSPTSE fell 864.41 points, or 9.32 percent, to 8406.21, its biggest percent decline since October 1987, on a deluge of grim U.S. economic news.

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


Ted Rogers, who transformed a single FM radio station into a North American broadcasting, publishing and wireless telecommunications conglomerate, has died, Rogers Communications Inc (RCIb.TO) said on Tuesday. He was 75. [ID:nN02547016]


Manulife Financial is bolstering its capital position by issuing C$2.125 billion in common equity and the insurer says it sees 2008 net income to be about C$900 million. [ID:nWNAB8688]


Canada’s newly re-elected minority Conservative government attacked opposition parties, saying their formal agreement to take power showed they were twisting the rules of democracy.

The Liberals, New Democrats and separatist Bloc Quebecois signed an unprecedented deal on Monday to bring down Prime Minister Stephen Harper and create a coalition government that would keep them in power until at least June 30, 2010. [ID:nN02696]


The remaining five of Canada’s six largest banks will report detailed quarterly results this week. Four have already provided partial results, including writedowns they plan to take. [ID:nN01507967] Bank of Nova Scotia (BNS.TO) is expected to issue full fourth-quarter results on Tuesday.


Oil CLc1 trims losses after falling below $48 a barrel on losses in global stock markets and on signs grew that the global economy was in rougher shape than thought. [ID:nSP196932], while gold XAU= also strengthened.


Aluminum fell and lead tumbled ahead of U.S. car sales data that is expected to show more signs of slowing demand [ID:nL2366436].


Suncor Energy Inc (SU.TO) said on Monday its oil sands operation will run at reduced rates in December as it repairs a key processing unit at the sprawling northern Alberta facility that caught fire last week. [ID:N01531290]


Raymond James cuts Quadra Mining QUA.TO target price to C$21 from C$23 and keeps strong buy rating, while RBC cuts Shore Gold SGF.TO to sector perform from outperform. For more research details, please see: [ID:nBNG407356] [CA-RCH]


European and U.S. stock index futures rallied on Tuesday as expectations grew for more government and central bank steps to counter economic downturn. [MKTS/GLOB] ($1=$1.24 Canadian) (Reporting by Jennifer Kwan; Editing by Kenneth Barry)

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