CANADA STOCKS-TSX could open mixed as gold gains; oil sags
TORONTO, Dec 14 (Reuters) - Toronto's main stock index could open flat to slightly higher on Monday as strength in gold and base metals prices boost mining shares, but weakness in oil prices could keep any gains in check.
Toronto's S&P/TSX composite index .GSPTSE could follow global equities, which climbed on Monday after Dubai said it would receive a $10 billion bailout from fellow emirate Abu Dhabi to repay debt. U.S. stock index futures pointed to a higher open. [MKTS/GLOB] [.N].
Here is some news that could affect the market:
TERRA REJECTS SWEETENED CF TAKEOVER OFFER
Fertilizer maker Terra Industries Inc TRA.N said its board unanimously rejected a sweetened takeover offer from rival CF Industries CF.N, sending Terra shares plummeting 21 percent in premarket trading. CF itself has been trying to fend off a hostile takeover bid by Agrium Inc (AGU.TO: Quote). [ID:nN14170919]
Canadian oil explorer Enerplus Resources Fund on Monday said it will spend about C$425 million on its exploration activities for 2010, up 35 percent from its budget for this year, citing recovering crude oil prices and economic conditions. [ID:nSGE5BD0MI]
TMX GROUP (X.TO: Quote)
TMX Group and NYSE Technologies said on Monday they will form an international market data technology and distribution agreement. [ID:nWNBB0835]
Oil headed lower for a ninth straight session on Monday to trade below $70 a barrel, pressured by concerns over weak fuel demand and brimming inventories. [O/R]
Gold prices rose 0.5 percent in Europe on Monday after news that Dubai had averted a debt default sharpened appetite for risk, pressuring the dollar and boosting higher-yielding currencies such as the euro. [GOL/]
CN RAIL (CNR.TO: Quote)
Canadian National Railway Co and the union representing 1,700 locomotive engineers will submit unresolved wage and benefits issues to binding arbitration after talks failed to yield a deal, the company said on Sunday. [ID:nN13133207]
CANADA'S RESEARCH ROUNDUP
- Scotia cuts Canadian banks sector to marketweight from overweight.
- Raymond James raises Toromont Industries TIH.TO price target to C$34.50 from C$29; rating outperform
- Macquarie raises Gildan Activewear GIL.TO price target to $25 from $21; rating neutral.
For more research, please see: [CA-RCH]
($1=$1.07 Canadian) (Reporting by Irene Kuan; Editing by Jeffrey Hodgson)
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