CANADA STOCKS-TSX may open higher on firm commodities

Mon Jul 20, 2009 8:29am EDT
 
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TORONTO, July 20 (Reuters) - Toronto's main stock market index could open higher on Monday, following a rise in global equity markets, as firm oil and metal prices boost the resource-heavy index.

World stocks built on an already robust performance from last week, climbing on better-than-expected corporate earnings results and a last-minute rescue package for troubled U.S. lender CIT. [ID:nLK722309]

U.S. stock index futures rose on Monday after CIT Group Inc clinched a deal that could avoid bankruptcy, removing some uncertainty as the financial sector recovers from a deep crisis. [.N]

On Friday the S&P/TSX composite index .GSPTSE closed up 65.00 points, or 0.63 percent, at 10,369.42. The TSX added 6.3 percent last week, its biggest weekly gain since mid-May.

Here is some news that could affect the market:

TRANSALTA CROP (TA.TO: Quote)

TransAlta proposes an all-cash offer to acquire Canadian Hydro Developers Inc for C$4.55 per share. TransAlta says proposed transaction has an enterprise value of approximately C$1.5 billion ($1.4 billion). [ID:nWNAB8740]

MAGNA MGa.TO

Magna and Sberbank (SBER.RTS: Quote) have changed their offer for General Motors' former European unit Opel, a source familiar with the matter said. [ID:nWEA1497]   Continued...