July 27, 2009 / 12:55 PM / 8 years ago

CANADA STOCKS-TSX may open higher as commodities gain

TORONTO, July 27 (Reuters) - Toronto’s main stock market index could open higher on Monday, following a rise in global equity markets, as firmer oil and metal prices could boost the resource-heavy index.

World stocks rose to 9-month highs and the euro hit a 7-week high versus the dollar as a recent run of strong corporate earnings and anticipation of more boosted optimism for a global economic recovery. [ID:nLR734448]

But U.S. stock index futures turned negative on Monday following quarterly results from telecommunications company Verizon Communications Inc (VZ.N), a Dow component. [ID:nN27447978]

On Friday the S&P/TSX composite index .GSPTSE closed up 12.22 points, or 0.11 percent, at 10,687.90.

Here is some news that could affect the market:

NORTEL NETWORKS NRTLQ.PK

Sweden’s Ericsson (ERICb.ST) has won an auction for the wireless assets of bankrupt Nortel Networks Corp, paying $1.13 billion for the crown jewels of the one-time Canadian telecom star. [ID:nN25483564]

RESEARCH IN MOTION RIM.TO

BlackBerry maker RIM, which had complained it was shut out of the bidding for Nortel wireless assets, said it and T-Mobile USA were introducing the new BlackBerry Curve 8520. [ID:nWNBB3098]

ADDAX PETROLEUM CORP AXC.TO

Addax Petroleum Corp announces record production in second quarter 2009 results. [ID:nWNBB3111]

MAGNA MGa.TO

RHJ International RHJI.BR, a bidder for carmaker Opel, is not ruling out selling Opel back to U.S. parent General Motors after returning it to health, RHJ’s chief executive told a German newspaper on Sunday. [ID:nL0699957]

VIA RAIL

Canada’s passenger trains will start up again late on Sunday after a two-day strike that threatened to disrupt much holiday traffic and may have boosted traffic for Air Canada ACa.TO and WestJet (WJA.TO). [ID:nN26459363]

IAMGOLD Corp (IMG.TO)

IAMGOLD says exploration expenditures totaling C$54.2 million are planned for 2009. [ID:nWNBB3105]

OIL RAISES

Oil rose for a third session on Monday to hit the highest in more than three weeks near $69 a barrel as stock markets gained on hopes of an economic recovery that would boost fuel demand.[ID:nSYD211712]

GOLD, BASE METALS

Gold rose to a new 6-1/2 week high in Europe as the dollar weakened, prompting investors to buy into hard assets such as bullion, while firmer oil prices provided support. [ID:nLR328560] Base metals were also higher. [ID:nLR161687]

CANADA RESEARCH

* Genuity says Linamar (LNR.TO) is top pick among Canadian auto part makers.

* Genuity raise Magna International MGa.TO to buy rating.

* Genuity cuts Martinrea International (MRE.TO) to hold rating. [ID:nBNG41761]

* UBS raises targets on Canadian banks. [ID:nWNAB2434]

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

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

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