TORONTO, Jan 11 (Reuters) - Toronto's main stock index looked set for a higher open on Monday as the resource-laden market gets a boost from rising oil and gold prices, while the U.S. dollar weakened.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE may also follow U.S. stock futures and world equities, which hit a 15-month peak for a sixth straight session, as healthy Chinese trade data boosted optimism about the global economy recovery. [.N]
Canadian stocks closed higher on Friday as investors looked past disappointing employment reports and focused instead on rebounding resource prices.
Here is some of the news that may affect the market:
Oil prices rose 1 percent on Monday, hitting a fresh 15-month high near $84 a barrel, supported by data showing China's crude oil imports surged by nearly 25 percent in December and as the dollar weakened. [O/R]
Gold prices rose 1.7 percent in Europe on Monday to a five-week high of $1,157.70, benefiting from weakness in the dollar as traders bet on U.S. interest rates staying low in the immediate future. [GOL/]
Canada's Talisman Energy Inc TLM.TO said on Monday it increased its 2010 capital expenditure by more than 10 percent to C$5.2 billion ($5.1 billion) and is examining the sale of non-core conventional assets in North America. [ID:nLDE60A117]
Fertilizer producer Agrium Inc AGU.T0 announced on Monday it will continue its retail growth with a move into Western Canada with 33 new outlets in Alberta and Saskatchewan. [ID:nWNAB2707]
TransAlta Corp's (TA.TO) was awarded on Monday a 25-year power purchase agreement with New Brunswick power to provide an additional 54 megawatts of wind power. [ID:nWNAB2708]
C.A. Bancorp Inc BKP.TO, a small Canadian merchant bank facing a hostile bid from private equity firm Maxam, said on Monday it is talking with parties interested acquiring the company. [ID:nN11143162]
Canwest Global Communications Corp CGS.V said on Friday it has received an offer to buy its newspaper division and will seek others as Canada's biggest media company put its publishing business under bankruptcy protection. [ID:nN08245052]
Following is a summary of research actions on Canadian companies reported by Reuters on Friday. [RCH/CA]
* UBS raises Precision Drilling Trust PD_u.TO price target to C$10.50 from C$10; Rating Buy
* Desjardins raises Jean Coutu Group (PJCa.TO) price target to C$12.50 from C$12; Rating Buy
* RBC raises Niko Resources Ltd (NKO.TO) price target to C$120 from C$100
$1=$1.03 Canadian Reporting by Claire Sibonney; Editing by Jeffrey Hodgson