March 18, 2009 / 12:28 PM / 10 years ago

CANADA STOCKS-Weak oil could weigh on TSX; world stocks up

TORONTO, March 18 (Reuters) - Toronto’s main stock index could open little changed on Wednesday, pressured by weakness in oil prices, but optimism that has helped keep the market higher for the past six straight sessions may continue building.

World share prices rose on Wednesday, helped higher in part by optimism over Tuesday’s forecast-beating U.S. housing data [ID:nLI309126]. However, U.S. stock index futures pointed to a lower open as investors awaited decisions from the Federal Reserve’s two-day policy setting meeting. [ID:nLI316511]

On Tuesday, the S&P/TSX composite index .GSPTSE rose 172.89 points, or 2.06 percent, to close at 8,559.60, driven by energy issues as the price of oil rose.

Here is some news that could affect the news:


Canada and the world are facing a long and deep recession that will fundamentally alter the nature of capitalism, former Canadian central bank chief David Dodge told the Globe and Mail in an interview published on Wednesday. [ID:nBNG348958]


Oil fell from a 2-1/2 month high to around $48 a barrel after industry data from the American Petroleum Institute showed large builds in U.S. crude stocks. The U.S. Energy Information Administration is expected to issue stock data later on Wednesday. [ID:nSYD321728]


Gold prices edged down on Wednesday, extending recent falls on a recovery in risk appetite in line with a rally in stock markets, while holdings of the world’s largest gold-backed exchange-traded stopped rising. [ID:nT366328] Base metals were largely flat to lower. [ID:nLI949076]


Technology shares could see action on Wednesday after the Wall Street Journal reported that International Business Machines (IBM.N) is in talks to buy Sun Microsystems JAVA.O. [ID:nBNG479364]


HudBay Minerals will pursue an aggressive acquisition strategy and could even take another stab at buying Lundin Mining (LUN.TO) if top shareholder SRM Global Master Fund succeeds in replacing the company’s board, the possible replacement CEO said on Tuesday. [ID:nN17299467]


Enbridge said on Tuesday it closes the sale of Colombian pipeline and net proceeds from the sale are about $400 million. [ID:nWNAB5046]


Silicon processor Timminco Ltd TIM.TO posted a fourth-quarter loss and said it would temporarily curtail production of silicon metal due to lower demand. [ID:nBNG63914]


Air Canada and six major Canadian companies are urging Ottawa to ease rules on pension plans, which they consider as too onerous, the Globe and Mail reported on Wednesday. [ID:nBNG403411]


Raymond James cuts Timminco’s TIM.TO price target to C$2.50 from C$10, while the brokerage also cuts its price target for Anvil Mining AVM.TO to C$2.25 from C$2.75. [ID:nBNG123682] ($1=$1.27 Canadian) (Reporting by Jennifer Kwan, Editing by Chizu Nomiyama)

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