CANADA STOCKS-TSX may open higher on firming commodities, hope

Mon Aug 24, 2009 8:15am EDT
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 TORONTO, Aug 24 (Reuters) - Toronto's main stock index may
head higher at the open on Monday as firm commodity prices buoy
the resource-heavy index, while reassurances from world central
bankers spurred optimism about the world's economic recovery.
 The worst global recession in 70 years was nearing a close,
although it would be a long, slow climb back to normal growth,
U.S. Federal Reserve Chairman Ben Bernanke and other central
bankers said at the annual gathering in Jackson Hole over the
weekend. [ID:nN23121486]
 On Friday, the S&P/TSX composite index .GSPTSE closed up
1.22 percent at 10,831.18.
 Here is some of the news that may affect the market.
 Oil edged above $74 a barrel, extending its rally to trade
near a 10-month high, on optimism that an economic recovery
will spur a rebound in energy demand. [ID:nSYD146874]
 Gold was steady above $950 an ounce on Monday, supported by
higher oil prices and investor demand but remaining rangebound
as a firmer dollar and strong resistance at $960 prevented any
robust gains. [ID:nT358819]
 Hurricane Bill weakened to post-tropical storm status on
Monday after lashing Eastern Canada with heavy winds and rain.
The storm is expected to gradually peter out as it moves
through the cold waters in the oil-producing region of the
North Atlantic. [ID:nN24129579]
 When Canadian banks trot out yet another set of healthy
profits and fat dividends this week, it might be tempting to
think of the industry as forever immune to the ravages of
recession. [ID:nN2165076]
 * FACTBOX-Canadian banks 3rd-quarter earnings forecasts
 Biovail BVF.TO has struck a deal with Swiss biotech
Santhera (SANN.S: Quote) over a drug to treat dyskinesia in
Parkinson's disease, the companies said. [ID:nLO475355]
 Oil and natural gas trust Daylight Resources Trust
DAY_u.TO said late on Sunday it is to buy Highpine Oil & Gas
 HPX.TO for C$530 million including the assumption of debt
and transaction costs. [ID:nBNG127505]
 * See also: Provident Energy Trust announces sale of assets
 On Friday General Motors failed to reach a decision either
in favor of the Canadian automotive firm Magna International
MGa.TO, which is Germany's preferred buyer for Opel, or rival
bidder RHJ International RHJI.BR, leaving the carmaker's fate
up in the air. [ID:nNLL484019]
 * Germany ready for further talks with GM [ID:nBAT003111]
 Following is a summary of research actions on Canadian
companies reported by Reuters on Monday. For more, please
double click on [RCH/CA]
 * Versant raises Aeterna Zentaris AEZ.TO to neutral
 * Raymond James starts Magma Energy MXY.TO with
 (Reporting by Ka Yan Ng, Editing by Chizu Nomiyama)