July 14, 2009 / 12:39 PM / 8 years ago

CANADA STOCKS-TSX may open higher as commodities gain

3 Min Read

TORONTO, July 14 (Reuters) - Toronto's main stock market index could open higher on Tuesday, as rising oil and metal prices may give the resource-heavy index a boost.

A burst of confidence in U.S. financial stocks lifted global equities ahead of results for bellwether Goldman Sachs. [ID:nLE309151]

U.S. stock index futures were modestly higher on Tuesday after Goldman Sachs Group (GS.N) posted its second-quarter earnings. [ID:nN14256271]

On Monday the S&P/TSX composite index .GSPTSE closed up 144.80 points, or 1.49 percent, at 9,891.93.

Here is some news that could affect the market:

MAGNA MGa.TO

Belgian holding company RHJ International SA RHJI.BR said on Monday it was in advanced talks to buy a majority stake in General Motors Corp's GMGMQ.PK European unit Opel. [ID:nLD281969]

Oil Up

Brent crude oil futures bounced back above $61 a barrel on Tuesday, buoyed by stronger equities and technical signals indicating the market may have formed a short-term base after falling by almost 19 percent so far in July.[ID:nLE371936]

Gold, Base Metals

Gold prices inched higher in Europe on Tuesday, extending the previous session's gains, as an uptick in oil prices and a slight weakening in the dollar boosted interest in the precious metal.[ID:nLE288914] Base metals were also higher.[ID:nLE598612]

Opec

World demand for OPEC's oil will fall in 2010, the producer group said on Tuesday, due to rising supply from non-member countries and the lackluster pace of global economic recovery. [ID:nWLA8490]

Mosaid Technologies msd.to

Patent licensing firm Mosaid Technologies Inc said on Monday it was taking IBM (IBM.N) to court for allegedly infringing on six of Mosaid's U.S. patents.[ID:nN13220149]

Bank of Canada

The Bank of Canada encountered weak take-up in its liquidity auction on Monday for the first time since it started the program, the latest sign a credit market freeze that preceded the global financial crisis is starting to thaw. [ID:nN13207877]

Canada Research

* Barclays raises Canadian Natural Resources (CNQ.TO) price target to C$60 from C$54; rating equal-weight.

* Acumen Capital raises Fortress Paper (FTP.TO) price target to C$11.60 from C$8.10; rating buy.[ID:nBNG445695] For more research, please see: [CA-RCH] ($1=$1.14 Canadian) (Reporting by Nina Lex; Editing by Jeffrey Hodgson)

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