TORONTO, Jan 13 (Reuters) - Toronto’s main stock market index was seen opening lower on Tuesday as falling commodity prices and a disappointing loss from metals bellwether Alcoa Inc (AA.N) weighs on the resource-heavy market.
A conservative 2009 capital expenditures outlook from Talisman Energy Inc TLM.TO could also keep investors on edge during the day.
Meanwhile, Bank of Montreal’s (BMO.TO) C$375 million offer for American International Group’s (AIG.N) Canadian life insurance unit could shine the spotlight on the heavily weighted financial sector. [nWNAB9241]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE fell more than 3 percent on Monday as tumbling commodity prices knocked it to its lowest closing level in two weeks. The index fell 291.85 points, or 3.2 percent, to 8,793.33.
Here is some of the news that may affect the market:
Talisman Energy expects to spend less on capital spending in 2009 and keep production flat as it braces for low commodity prices. [nN13381526]
Aluminum producer Alcoa Inc, which is slashing 15,000 jobs, posted a fourth-quarter loss on Monday, as the global economic crisis sent revenue plummeting on lower demand and declining metal prices. [nN12355902]
North American fertilizer company Mosaic Co (MOS.N) is cutting about 1,000 jobs at a pair of potash mines in the Canadian province of Saskatchewan, a company spokesman said on Monday. [nN12359010]
HudBay Minerals Inc (HBM.TO) said on Monday that two shareholders have asked a court to get HudBay to hold a special meeting of shareholders to consider the proposed takeover of Lundin Mining (LUN.TO). [nLD705906]
GOLD HITS 1-MONTH LOW AS DOLLAR, OIL WEIGH
Gold hit one-month lows on Tuesday on a firmer dollar, weaker oil and faltering demand, but bargain hunting limited further losses. [nLD169722]
Oil fell towards $36 a barrel on Tuesday to its lowest level in three weeks as further signs the world economy was slowing sharply dampened demand expectations. [nSYD384129]
YAMANA TO SPEND UP TO $350 MLN IN ‘09, CUTS DIVIDEND
Yamana Gold Inc (YRI.TO) said on Monday it would spend up to $350 million this year and $400 million in 2010 to boost production, while cutting its dividend by half to help fund its expenditures. [nN12358850] ($1=$1.23 Canadian) (Reporting by Scott Anderson,Editing by Chizu Nomiyama)