May 19, 2009 / 12:05 PM / in 8 years

CANADA STOCKS-TSX may open higher on oil

TORONTO, May 19 (Reuters) - Toronto’s main stock market index could open higher on Tuesday buoyed by firm oil prices and better-than-expected results from home renovation giant Home Depot (HD.N).

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE, which was closed for a holiday long weekend on Monday, could also see strength at the start as it tries to match the strong performance from the closely watched Dow Jones industrial average which climbed 2.9 percent in the previous session. [nN18371919]

Here are some of the stories that may affect the market:

OIL HITS SIX-MONTH HIGH ABOVE $60 ON SUPPLY, EQUITIES

Oil rose to a new six-month high above $60 a barrel on Tuesday as unrest in key producer Nigeria and a U.S. refinery outage kindled concerns over oil fundamentals after weeks of equity-led rallies. [nSIN131895]

HOME DEPOT QUARTERLY PROFIT RISES ON COST CUTS

Home Depot reported a higher-than-expected quarterly profit on Tuesday as the world’s largest home improvement chain reined in expenses. [nN19544666]

GOLD FIRMS AS OIL RISES, DLR WEAKENS

Gold rose in Europe on Tuesday, holding around the $920 an ounce mark, in tandem with rising oil prices which hit a 6-month high above $60 a barrel. [nLJ936150]

CANADA‘S VITERRA TO BUY AUSTRALIA ABB FOR $1.2 BLN

Canada’s top grain handler Viterra Inc VT.TO has agreed to buy Australia’s ABB Grain Ltd ABB.AX in a $1.2 billion share and cash deal, giving Viterra access to growth markets in Asia. [nSYD331746]

KINGSWAY FINANCIAL SAYS CFO DEPARTS, NAMES INTERIM CFO

Kingsway Financial Services Inc KFS.TO said its Chief Financial Officer Shelly Gobin has left the company in the latest top-management reshuffle by the insurer seeking to cut costs and divest non-core businesses. [nBNG491088]

RESEARCH ROUND-UP

Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. For more, see [RCH/CA]

* Genuity raises Pacific Rubiales Energy PRE.TO target price to C$8.80 from C$7.80; Rating Buy. ($1=$1.16 Canadian) (Reporting by Scott Anderson; Editing by Theodore d‘Afflisio)

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