September 22, 2009 / 12:28 PM / in 8 years

CANADA STOCKS-TSX may rise with commodities, world stocks

TORONTO, Sept 22 (Reuters) - Toronto’s main stock market index could open higher on Tuesday as firm commodity prices lift the resource-heavy index and the TSX follows world equities higher.

World stocks and oil climbed on Tuesday ahead of the Federal Reserve’s two-day policy meeting, while investors’ search for higher returns pushed the dollar down to a one-year low against the euro. [MKTS/GLOB] [FRX/]

On Monday, the S&P/TSX composite index .GSPTSE ended down 21.34 points, or 0.19 percent, at 11,424.61.

Here is some news that could affect the market:

MAGNA INTERNATIONAL MGa.TO

Canadian auto supplier Magna International said it plans to hold talks to appease Volkswagen (VOWG.DE), which has threatened to pull business from Magna if it goes through with an investment in Opel. [ID:nT248288]

CELESTICA INC (CLS.TO)

Onex Corp agrees to sell 11 million subordinate voting shares of Celestica Inc (CLS.TO) through a secondary bought deal offering. [ID:nWNAB1970]

NEXEN INC NXY.TO

Nexen said it concluded its recent three-well drilling program at Horn River shale gas property and was producing between 15 million cubic feet a day (mmcf/d) to 20 mmcf/d from its five shale gas wells. [ID:nBNG1737]

AGRIUM INC (AGU.TO)

Canadian fertilizer maker Agrium Inc said on Monday it has again extended its hostile offer for U.S. rival CF Industries Holdings Inc (CF.N), which again said it wasn’t interested. [ID:nN21262495]

GLV INC GLVa.TO

Canadian plant equipment maker GLV Inc is offering C$153 million to buy all of Austria’s Christ Water Technology CWTE.VI, GLV said in a statement on Tuesday. [ID:nLM648828]

NORTEL NETWORKS CORP NRTLQ.PK

Nortel Networks Corp, once North America’s largest telecoms equipment maker, said on Monday that it will auction off software assets at its carrier division as it continues the process of selling its operation in pieces to pay creditors. [ID:nN21324311]

OIL HIGHER

Oil rose above $70 a barrel on Tuesday, supported by a weaker dollar and recovering from a sharp fall the previous day, but bulging inventories and slow demand limited gains. [O/R]

GOLD CLIMBS

Gold climbed 1.5 percent to trade within striking distance of its all-time high on Tuesday, as the dollar fell across the board ahead of a Federal Reserve meeting on interest rates. [GOL/]

BASE METALS UP

Copper rose on Tuesday as dollar weakness boosted industrial metal prices, although concerns about rising London Metal Exchange inventories limited gains.[MET/L]

CANADA RESEARCH

CIBC raises Nexen NXY.TO, Suncor (SU.TO) price target, cuts Imperial Oil (IMO.TO) target price. [ID:nWNAB1743]

Raymond James downgraded Canada’s Lake Shore Gold LSG.TO and First Uranium Corp FIU.TO to “market perform” from “outperform,” and said it expects a stronger Canadian dollar to hurt the miners’ earnings. [ID:nBNG2133]

RBC raises Viterra Inc VT.TO price target to C$11 from C$10; rating sector perform. For more research, please see: [CA-RCH]

$1=$1.07 Canadian Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson

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