CANADA STOCKS-TSX may open higher on strong commodity recovery

Mon May 9, 2011 8:49am EDT
 
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(Adds Canadian Tire bid for Forzani)

May 9 (Reuters) - Toronto's main stock index looked set to open higher on Monday as commodity prices recovered from the last week's hefty losses, which should boost shares of mining and energy companies.

News that Canadian Tire Corp CTC.TO CTCa.TO offered to take full ownership of the country's largest sporting goods retailer, Forzani Group Ltd FGL.TO, could also boost investor sentiment. [ID:nL3E7G91PE]

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures rose as commodities and the euro bounced back from last week's hefty losses. [.N]

* European shares fell after top euro zone finance officials discussed the need for new adjustments to Greece's aid program, with fund managers advising caution on the euro zone peripheries. [.EU]

* Markets in Asia were largely up except Nikkei, which fell after Prime Minister Naoto Kan called for the closure of Chubu Electric's nuclear plant due to worries that a large earthquake could trigger another nuclear crisis.

COMMODITY PRICE MOVES   Continued...