April 25, 2008 / 1:23 PM / 11 years ago

REFILE-Toronto stocks seen regaining their footing

(Changes grammar to correct headline)

TORONTO, April 25 (Reuters) - The Toronto Stock Exchange’s main index was seen halting its recent skid on Friday, supported by commodities and general optimism that corporate results are beating expectations.

The index has fallen more than 5 percent in the last three days as commodity prices retreated. But crude oil and natural gas rose on Friday, while spot gold recovered after hitting a three-week low.

The TSX energy and materials sectors — down 5.0 percent and 6.6 percent respectively in the last two days alone — account for about half of the overall index, and could receive a bargain-hunting bounce.

The financial sector, whose influence has declined this year on the Canadian benchmark, is up more than 13 percent from a March low, noted Francis Campeau, a broker at MF Global Canada in Montreal.

“It seems like the market has decided the bus will stop here on the downside,” he said.

U.S. stock futures were also higher, emboldened by quarterly results and a rebound in financial stocks.

TransCanada Corp (TRP.TO), Canada’s biggest pipeline firm, reported a 69 percent rise in its first-quarter profit, and could attract attention. For details, see: [nN24313525]

“It seems that most sectors of the economy are not doing as badly as it seems,” said Campeau.

Elsewhere, biopharmaceutical company QLT Inc QLT.TO swung to a loss in the latest quarter partly due to a restructuring charge and slower sales. For details, see: [nN25261655]

The S&P/TSX composite index .GSPTSE starts the day at 13,966.33 after a drop of 103.47 points, or 0.7 percent, in the previous session, its lowest close in the last seven trading days.

$1=$1.02 Canadian Reporting by Jonathan Spicer; Editing by Scott Anderson

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