CANADA STOCKS-TSX may open higher on resources, Schlumberger

Mon Feb 22, 2010 8:19am EST
 
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TORONTO Feb 22 (Reuters) - Toronto's main stock market index may open higher on Monday as firm gold and oil prices and a big deal in the oilfield services industry shine the spotlight on the resource group.

Schlumberger Ltd SLB.N agreed to buy Smith International SII.N in an $11.34 billion all-stock deal that will boost the oilfield services leader's revenue to double that of its nearest rival.[ID:nN21150468]

Toronto's main stock market index edged higher on Friday, marking its eighth straight rising session, as gains in energy and financial issues outweighed a slide among gold miners.[ID:nN19123341]

Here is some of the news that may affect the market.

OIL RISES

Oil held just under $80 a barrel on Monday, paring much of an earlier gain to a six-week high, with the dollar down as investors reassessed the prospect of an earlier U.S. interest rate rise than previously expected. [ID:nSGE61L06P]

GOLD FIRM

Gold jumped to its highest in a month on Monday as the U.S. dollar took a breather from a recent rally and fund buying picked up after the euro gained on talk about a speedy bailout for debt-ridden Greece. [ID:nSGE61L01W]

SUNCOR ENERGY   Continued...