TORONTO, Nov 14 (Reuters) - The Toronto Stock Exchange’s main index is poised to ease at the open on Friday as the price of oil slipped and ahead of the start of global discussions on the economic crisis.
World leaders are gathering in Washington to talk about ways to prevent future financial crises. [ID:nG7G8]
Investors may also take a breather after Thursday’s 5 percent gain. The index seesawed through a massive 780-point range from trough to peak as the heavily-weighted resources issues rose with commodity prices and on hopes the market is close to finding a bottom.
Here is some of the news that may affect the market.
A round of top-level talks in Washington begins on Friday. Canada is participating at the gathering and the government plans to call for a balanced approach to solving the financial crisis. [ID:nN13392243] It also does not see a clash over the free market system. [ID:nTOR003851]
Canwest Global Communications CGS.TO, Canada’s biggest media company, posted a steep fourth-quarter loss, which included a C$1 billion noncash writedown. [ID:nN14417750]
Oil slipped to $58 a barrel as figures showing much of Europe had entered recession refocused attention on the outlook for oil demand and as U.S. stock market futures fell. [ID:nSP399460]
POTASH CORP WORKERS RATIFY 3-YEAR DEAL AT 3 MINES
Unionized workers at Potash Corp POT.TOratified a new 3-year contract offer at its Allan, Cory, and Patience Lake mines in Saskatchewan, ending a three-month strike. [ID:nN13396825]
Groupe Aeroplan Inc AER.TO, best known as Air Canada’s ACa.TO frequent flier program operator, reported lower third-quarter profit, largely due to higher reward program costs and the effect of income tax as it converted into a corporation. [ID:nN14419424]
* Genuity cuts Lundin Mining (LUN.TO) price target to C$1.50 from C$3.35
* Raymond James cuts CAE Inc (CAE.TO) price target to C$8.75 from C$12.25
* RBC cuts Anvil Mining AVM.TO price target to C$4.50 from C$8
For a summary of research actions on Canadian companies reported by Reuters, please double click [RCH/CA] ($1=$1.22 Canadian) (Reporting by Ka Yan Ng; Editing by James Dalgleish)