CANADA STOCKS-TSX could follow commodities to higher open
TORONTO, Oct 19 (Reuters) - Toronto's main stock index may open higher on Monday as its heavy weighting in natural resource-related shares could benefit from gains in commodity prices.
A recent surge in prices for gold and oil have helped boost the TSX from a five-year low touched in March. The energy and materials sectors make up more than 40 percent of the TSX's weighting.
Earnings due from Apple Inc (AAPL.O: Quote) and Texas Instruments Inc TXN.N out of the United States may also impact sentiment as investors look for further signs of an economic rebound.
The S&P/TSX composite index .GSPTSE closed virtually flat at 11,504.76 on Friday. The index ended the week up 0.6 percent, its second weekly rise in a row.
Here is some news that could affect the market:
AGRIUM (AGU.TO: Quote)
Fertilizer maker Agrium Inc (AGU.TO: Quote) agreed to sell part of a nitrogen facility to Terra Industries Inc TRA.N for $250 million in cash as part of its hostile bid to acquire rival CF Industries Holdings Inc (CF.N: Quote). [ID:nN19341430]
QLT Inc QLT.TO
Canadian eye-care company QLT Inc said it restructured its pact with Novartis Pharma AG NOVN.VX, giving QLT the exclusive rights to sell anti-blindness treatment Visudyne in the United States. [ID:nBNG501789]
TOROMONT INDUSTRIES LTD TIH.TO
Canada's Toromont Industries Ltd announced on Friday a C$ 597 million ($574 million) offer to acquire Enerflex EFX_u.TO after friendly talks for a deal with the management of the supplier of equipment for the oil and gas industry collapsed. [ID:nN16370692]
Oil hit a year-high above $79 a barrel on Monday, driven by bullish sentiment across financial markets, but later slipped back as traders questioned whether ample fuel supplies justified current price levels. [O/R]
GOLD ADDS TO GAINS
Gold rose on Monday, building on the gains of the last two weeks, as the euro rose towards $1.50 and oil prices reached a new 12-month high near $80 a barrel. [ID:nLJ735828]
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* Genuity raises Sun Life Financial's SLF.TO price target 2.5 percent to C$40.
* Raymond James raises Trinidad Drilling's TDG.TO price target 17.8 percent to C$8.25 with "outperform" rating.
($1=$1.03 Canadian) (Reporting by Frank Pingue; Editing by Padraic Cassidy)
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