October 19, 2009 / 12:20 PM / 8 years ago

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) 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)
 Fertilizer maker Agrium Inc (AGU.TO) agreed to sell part of a nitrogen facility to Terra Industries Inc TRA.N for $250 million in cash as part of its hostile bid to acquire rival CF Industries Holdings Inc (CF.N). [ID:nN19341430]
 QLT Inc QLT.TO
 Canadian eye-care company QLT Inc said it restructured its pact with Novartis Pharma AG NOVN.VX, giving QLT the exclusive rights to sell anti-blindness treatment Visudyne in the United States. [ID:nBNG501789]
 TOROMONT INDUSTRIES LTD (TIH.TO)
 Canada’s Toromont Industries Ltd announced on Friday a C$ 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 STEADIES
 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]
 RESEARCH ROUNDUP:
 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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