CANADA STOCKS-TSX may open higher on resources, oil merger

Tue Jun 9, 2009 8:07am EDT
 
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TORONTO, June 9 (Reuters) - Toronto's main stock market index could open higher on Tuesday as rising oil prices and a multibillion dollar merger involving UK-based oil explorer Heritage Oil HOIL.L and Genel Energy International [CUKRO.UL], shine the spotlight on the energy sector.

Firm gold and base metals prices were also expected to prop up the resource-heavy market as a weaker U.S. dollar supported prices.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was knocked lower for the first time in three sessions on Monday as a late charge by bank shares was not enough to offset the drag of lower oil prices on weighty energy issues. [nN08335304]

Here is some news that could affect the market:

OIL CLIMBS ABOVE $69 AS DOLLAR EASES

Oil rose on Tuesday, snapping a two-day slide, to climb above $69 by 8 a.m. as the U.S. dollar retreated. [nSP387179]

GOLD EDGES UP AS DOLLAR GIVES UP SOME GROUND

Gold edged higher in Europe on Tuesday as the euro clawed back some lost ground against the dollar, boosting the precious metal's appeal as an alternative asset to the U.S. currency. [nL91024887]

HERITAGE OIL AND TURKEY'S GENEL AGREE TO $6BLN MERGER   Continued...