July 24, 2009 / 12:51 PM / in 8 years

CANADA STOCKS-TSX may open higher, helped by oil price rise

TORONTO, July 24 (Reuters) - Toronto’s main stock market index could open higher on Friday, helped by a rise in oil and other commodity prices.

World stocks pushed up to 9-month highs, cutting demand for government bonds as euro zone manufacturing and services reports beat expectations. [ID:nLO33305]

But U.S. stock index futures pointed to a mixed open as disappointing results from Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) curbed sentiment a day after a rally took the Dow industrials above the key 9,000 mark. [.N]

On Thursday the S&P/TSX composite index .GSPTSE closed up 243.33 points, or 2.33 percent, at 10,675.68, its highest level since June 12.

Here is some news that could affect the market:

NEXEN INC NXY.TO

Nexen Inc may sell its natural gas and power marketing units as part of a strategic review aimed at further reducing the financial risk in its overall operations, it said on Thursday. [ID:nN23417060]

LOBLAW COMPANIES LTD (L.TO)

Loblaw said it will acquire T&T Supermarket, Canada’s largest Asian food retailer, for C$225 million. [ID:nWNAB1780]

RESEARCH IN MOTION RIM.TO

The chances that Research in Motion will enter a formal bid for the wireless assets of bankrupt Nortel Networks are slim as a bidding war develops for technology coveted by the world’s leading telecom-equipment makers. [ID:nN23418106]

MAGNA MGa.TO

China’s Beijing Auto said intellectual property issues were behind its failure to reach a deal with General Motors [GM.UL] over its Opel unit.

General Motors’ European business said on Thursday it had agreed to continue detailed talks with both Magna and RHJ International RHJI.BR on its German unit Opel, but did not mention Beijing Auto, which had also submitted an offer. [ID:nPEK6722]

NORTEL NETWORKS NRTLQ.PK

Canadian officials have begun researching whether and what kind of foreign purchases of Nortel Networks NRTLQ.PK assets might be subject to government restrictions, Industry Minister Tony Clement said on Thursday. [ID:nSP171471]

OIL UP

Oil rose toward $68 on Friday, scaling a fresh three-week high, driven by rallies on global equity markets and gains in gasoline prices. [ID:nSIN277013]

GOLD, BASE METALS

Gold rose back above $950 an ounce in Europe on Friday as the dollar extended losses against the euro after better-than-expected European economic data. [ID:nLO326095] Base metals were also higher. [ID:nLO26318]

CANADIAN HYDRO KHD.TO

The directors of Canadian Hydro Developers have urged shareholders to reject an unsolicited bid by TransAlta Corp TA.TO, saying it undervalues the assets and prospects of the renewable energy firm. [ID:nN23415463]

MAGMA ENERGY CORP MXY.TO

Canada’s Magma Energy Corp said on Thursday it will boost its geothermal production power with an investment of up to $40 million in Iceland’s HS Orka, a producer poised for expansion.[ID:nN23491065]

CANADA RESEARCH

* Raymond James cuts Dundee REIT (D_u.TO) to market perform from outperform.

* Raymond James raises EnCana (ECA.TO) price target to C$59.50 from C$58.50; rating market perform.

* Genuity raises GMP Capital GMP.TO price target to C$15 from C$11; rating buy

* Raymond James cuts International Forest Products IFPa.TO to market perform from outperform.[ID:nBNG362279]

For more research, please see: [CA-RCH]

$1=$1.08 Canadian Reporting by Nina Lex; Editing by Jeffrey Hodgson

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