TORONTO, Oct 26 (Reuters) - Toronto’s main stock index could open higher on Monday as investors snap up issues that were unloaded in the previous session when lower oil prices weighed on the resource-heavy index.
Oil prices were off slightly on Monday, but they held near $80 a barrel and could be enough to lure investors into the larger energy shares.
In Friday’s session, every one of the 10 main groups of the stock index benchmark paced lower, including the heavyweight energy and financials groups.
The S&P/TSX composite index .GSPTSE closed 151.24 points, or 1.31 percent, lower at 11,382.13 on Friday.
Here is some news that could affect the market:
MAGNA INTERNATIONAL MGa.TO
Magna International and Sberbank SBER03.MM have notified European Union antitrust regulators of their plan to buy General Motors Co’s [GM.UL] European unit Opel, the European Commission said on Monday. [ID:nLQ407797]
OIL BACKS OFF ONE-YEAR HIGH
Oil prices fell for a third day to around $80 a barrel on Monday, extending its retreat from last week’s one-year high, on renewed concerns about the strength of the global economy. [O/R]
GOLD EDGES HIGHER
Gold prices rose back above $1,055 an ounce in Europe on Monday as the dollar’s slide to 14-month lows against the euro supported sentiment, but weaker physical demand and easing oil prices capped gains. [GOL/]
EARNINGS MAY BOOST GOLD STOCKS
Strong gold prices and tame cost inflation should lead to robust third-quarter results from Canadian gold producers, but investor focus will likely be on updates on new mines and fresh details on the unwinding of Barrick Gold Corp’s (ABX.TO) hedge book. [ID:nN23397833]
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* Genuity raises target price of Canada’s Big Five banks.
* Genuity starts coverage of Potash Corp (POT.TO) with “buy” rating and C$130 target price.
* Raymond James raises Connacher Oil and Gas Ltd CLL.TO to “strong buy” rating from “outperform.”
($1=$1.05 Canadian) (Reporting by Frank Pingue; Editing by Padraic Cassidy)