March 26, 2009 / 12:33 PM / 9 years ago

CANADA STOCKS-TSX seen opening higher on oil, metals

TORONTO, March 26 (Reuters) - Toronto’s main stock index may open higher on renewed strength in the price of crude oil and metals.

U.S. stocks pointed to a higher open [ID:nN26469541].

On Wednesday, the S&P/TSX composite index .GSPTSE fell for its second straight day, losing 51.95 points, or 0.59 percent, to close at 8,797.44, as a jump in U.S. crude stocks hit oil prices and weak U.S. Treasury securities auctions hurt market sentiment.

Here is some news that could affect the market:

OIL REBOUNDS

U.S. crude oil CLc1 prices rose over $1.00 to $53.80 in early trade on Thursday as investors bet that economic stimulus measures might offset the impact of high oil inventories [ID:nSP460455].

GOLD, BASE METALS

Gold edged higher on Thursday, supported by investment appetite ahead of the final caluculation of U.S. fourth-quarter growth data, while base metals were given a boost by Wednesday’s unexpectedly strong U.S. durable goods report[ID:nLQ946438] and [ID:nLQ244746].

ENERGY SECTOR

EnCana Corp ECA.TO and ConocoPhillips COP.N are asking regulators to approve a 120,000 barrel a day expansion of the Christina Lake thermal oil sands project in Western Canada, according to documents filed with Alberta Environment[ID:nN25445749].

ABITIBIBOWATER

AbitibiBowater Inc ABH.N ABH.TO extended the deadline for a debt exchange plan for its Bowater unit late Wednesday, giving the papermaker more time to work out a deal with lenders on the first part of a complex recapitalization plan[ID:nN25450261].

SPROTT

Money management firm Sprott Inc SII.TO said assets under management (AUM) for fiscal 2008 fell as much 29 percent year-over-year and 21 percent sequentially, hurt by heavy redemptions and market value depreciations[ID:nBNG174679].

CORRIENTE

Corriente Resources Inc CTQ.TO is near closing a sale deal with China’s Tongling Nonferrous Metals 000630.SZ, according to Ecuadorean senior officials with direct knowledge of the negotiations [ID:nN26438831].

SEACLIFF CONSTRUCTION

Seacliff Construction Corp SDC.TO posted a fourth-quarter profit late Wednesday, as institutional clients helped it weather the economic slowdown and said it was looking at acquiring other construction companies[ID:nBNG470404].

ECONOMY

Canada’s independent parliamentary budget officer forecast on Wednesday the economy would deteriorate at a historic rate, and much faster than the government had expected when it produced its budget in late January [ID:nN25441158].

CANADIAN RESEARCH

Raymond James cuts Autocanada Income Fund ACQ_u.TO price target to C$0.90 from C$1.50; rating market perform.

Raymond James cuts Amerigo Resources ARG.TO to market perform from outperform.. For more research, see: [ID:nBNG466654] [CA-RCH])) ($1=$1.23 Canadian) (Reporting by John McCrank, Editing by Chizu Nomiyama)

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