September 21, 2009 / 12:31 PM / 8 years ago

CANADA STOCKS-TSX set for soft open as commodities weigh

TORONTO, Sept 21 (Reuters) - Toronto’s main stock market index could open lower on Monday as weak commodity prices pressure the resource-laden market, and investors pause ahead of a U.S. Federal Reserve meeting and G20 summit this week.

World stocks .MIWD00000PUS fell on Monday, pulling further back from last week’s 11-month high as lower energy and commodity prices and caution ahead of a Federal Reserve meeting and G20 summit prompted investors to trim risky trades. [MKTS/GLOB]

On Friday, the S&P/TSX composite index .GSPTSE ended the session down 82.28 points, or 0.71 percent, at 11,445.95.

Here is some news that could affect the market:

POTASH CORP OF SASKATCHEWAN (POT.TO)

Potash Corp of Saskatchewan (POT.N), the world’s biggest fertilizer producer, lowered its 2009 earnings target on Friday, citing weak sales. [ID:nN18272693]

OIL DROPS

Oil fell by almost 2 percent towards $70 a barrel on Monday as further signs of weak fuel demand raised expectations prices may have raced ahead of the nascent economic recovery. [O/R]

GOLD SAGS

Gold dropped below $1,000 an ounce on Monday, its lowest in almost a week, as the dollar rose broadly and investors took a breather ahead of this week’s U.S. Federal Reserve and G20 meeting. [GOL/]

BASE METALS

Copper slipped to a one-week low on Monday as the market fretted about rising stocks and a firmer dollar, but prices were expected to be sustained by stronger global economic and demand prospects. [MET/L]

FAIRFAX FINANCIAL (FFH.TO)

Fairfax Financial Holdings Ltd said on Friday it plans to commence tender offer for a minority stake in Odyssey Re for $65 per share in cash. [ID:nWNAB1286]

VERENEX ENERGY INC VNX.TO

Verenex Energy, a Canadian oil producer focused on Libya, said on Friday it had entered into an agreement to be bought by a Libyan sovereign wealth fund, after the collapse of a deal reached with China. [ID:nSP470412]

TECHNOLOGY SECTOR

Dell Inc DELL.O said it had struck a deal to acquire computer services firm Perot Systems Corp PER.N in a cash transaction the personal computer maker valued at about $3.9 billion. [ID:nN21265091]

THOMSON REUTERS (TRI.TO)

Thomson Reuters said on Monday it has agreed to buy from NYSE Euronext NYX.N NYX.PA the Oslo-based Hugin Group, a company which distributes news releases for companies in Europe. [ID:nLL640524]

CANADIAN RESEARCH

UBS raises Thompson Creek Metals TCM.TO price target to C$18 from C$16.50; rating buy.

Desjardins raises Inmet Mining IMN.TO to buy from hold; price target to C$78.50 from C$56.10

Scotia cuts Enbridge Inc ENF_u.TO price target to C$49 from C$50.

$1=$1.08 Canadian Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson

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