June 21 (Reuters) - Toronto’s main stock index looked set to open higher on Monday as commodity prices rose on hopes that a more flexible Chinese yuan would increase commodity demand from the world’s largest consumer.
China’s central bank said over the weekend that it was ready to make the yuan more flexible ahead of the upcoming G20 summit. [ID:nN20208975]
Wall Street is also poised for a higher open. [.N]
European shares rose for a ninth session, hitting a five-and-a-half week high, with mining stocks featuring among the top performers.
Asian markets rallied with China’s key stock index, up 3 percent to its highest close in three weeks.
Here is some news that could affect stock prices:
Biovail Corp BVF.TO BVF.N, Canada’s biggest publicly traded drugmaker, said on Monday it had agreed to merge with U.S.-based Valeant Pharmaceuticals International (VRX.N), in a deal that would expand the new company’s presence in North America. [ID:nSGE65K07S]
Crude oil gained more than one percent on Monday after China pledged to make its currency more flexible, raising expectations of higher demand from the world’s second largest energy consumer. [O/R]
Copper prices soared on Monday as China’s pledge to make its yuan currency more flexible raised hopes of stronger demand growth from the world’s largest consumer of industrial metals. [MET/L]
Gold prices rose to a record high at $1,264.90 an ounce in Europe on Monday as a slip in the dollar added impetus to the metal’s existing rally on the back of rising concerns over financial and sovereign risk. [GOL/]
The Canadian dollar zoomed to its highest level in just over five weeks against the U.S. currency on Monday after China allowed more yuan flexibility, sending global equities and some currencies sharply higher. [CAD/]
Global Payments Inc (GPN.N) said on Friday it was notified by Canadian Imperial Bank of Commerce (CM.TO) that it would not renew the Visa sponsorship agreement with the company, at the end of its 10-year term in March 2011. [ID:nSGE65H0HT]
Minera IRL Ltd MIRL.L IRL.TO withdrew its proposed C$25 million ($24.5 million) equity offering, citing unfavorable conditions due to volatility in the equity markets, and said on Monday it entered into a finance facility with Macquarie Bank Ltd. [ID:nSGE65K0FU]
TransAlta Corp (TA.TO), Canada’s largest publicly traded electricity generator, said on Friday Brett Gellner has been appointed chief financial officer, succeeding Brian Burden. [ID:nWNAB9689]
Rogers Communications Inc (RCIb.TO), which owns Canada’s biggest wireless carrier and operates cable and media businesses, said on Friday it is correcting a billing inaccuracy affecting up to 5 percent of its customers. [ID:nWNAB9684]
HudBay Minerals (HBM.TO) said on Monday it named David Garofalo as president and chief executive officer, effective July 12. [ID:nN21227027]
Canadian uranium producer Cameco Corp (CCO.TO) said on Monday it purchased additional shares of UEX Corp UEX.TO for about C$3.4 million to increase its stake in the company. [ID:nSGE65K0FQ]
OUTPUT BACK AT FIRST QUANTUM‘S ZAMBIA MINE
Output has largely resumed at Zambian copper mines following a blackout, government and company officials said on Saturday. Spokesmen for mines owned by Canada’s First Quantum Minerals (FM.TO) told Reuters their facilities had resumed production, while output had yet to fully return at Vedanta Resources’ (VED.L) Konkola Copper Mines. [ID:nLDE65I031]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* BMO cuts Cirrus Energy Corp CYR.V price target to C$1.30 from C$3; rating outperform
* Macquarie raises Enbridge Inc (ENB.TO) price target to C$53 from C$52; rating outperform
* UBS raises Thompson Creek Metals Co Inc TCM.TO to buy from neutral
$1=$1.02 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson