December 23, 2008 / 1:59 PM / 10 years ago

CANADA STOCKS-TSX set to open mixed, resources eyed

TORONTO, Dec 23 (Reuters) - Toronto’s main stock market could open mixed on Tuesday as it tries to rebound from a 300-point drop in the previous session, but volatile oil and gold prices were seen weighing on the resource-heavy index.

Volume is expected to be light, however, as investors take time out for the holidays.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 302.47 points, or 3.5 percent, at 8,249.53 on Monday as analyst downgrades of energy and fertilizer companies combined with a steep drop in crude prices to drag the resource-heavy market into a broad sell-off.

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


Gold dipped on Tuesday on falling oil prices, with trading thin ahead of a slew of economic data from the United States. and before the Christmas holiday on Thursday. For details, see[ID:nLN092715].


Oil prices crept above $40 a barrel on Tuesday, supported by short-covering and book-squaring ahead of key U.S. economic data. [ID:nSYD138699]


Barrick Gold (ABX.TO) appointed Aaron Regent president and chief executive. [ID:nWNAB5490]


Franco Nevada Corp (FNV.TO) said it planned to acquire a 7.3 percent gold quarry royalty interest for $103.5 million. [ID:nWNAB5482]


The U.S. economy shrank at a 0.5 percent annual pace in the third quarter as expected after consumers and businesses cut spending and the country’s recession gathered steam, government data showed on Tuesday. [ID:nN22501597]


RBC Capital Markets cuts Compton Petroleum CMT.TO stock price target to C$2 a share from C$4 a share. [ID:nWNAB5479]

BMO cuts Canam Group CAM.TO to “market perform” from “outperform.” [ID:nWNAB5511]

For more research, see [CA-RCH] ($1=$1.22 Canadian) (Reporting by Scott Anderson; Editing by Jonathan Oatis)

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