January 4, 2011 / 1:48 PM / 8 years ago

CANADA STOCKS-TSX set to open higher as global stocks rally

Jan 4 (Reuters) - Toronto’s main stock index was set to open higher on Tuesday, matching gains by other major indexes on Monday when the Canadian market was closed, and helped by continued bullish sentiment.


* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures rose as optimism continued to permeate the market ahead of data on factory orders and car sales. [.N]

* European equities were at a one-week high, with London-listed commodity shares tracking strong oil and metals prices and catching up with gains elsewhere when London was closed for a holiday on Monday. [.EU]

* Japanese stocks led Asian equities higher


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.17 percent in early trade.

* Oil hovered near the highest price levels in more than two years on accelerating manufacturing activity in developed economies and expectations that U.S. crude inventories will continue to drain. [O/R]

* Gold eased in the first trading day of 2011 on the London financial markets, coming under pressure from a firmer dollar, but investor concerns over debt and inflation continued to support the metal. [GOL/]

* Copper hit a record high in London, buoyed by positive manufacturing data from around the world as the new year’s trading began. [MET/L]


* Baffinland Iron Mines BIM.TO:

- ArcelorMittal said on Tuesday it would not raise its C$550 million bid for Canadian miner, which owns vast iron ore deposits in the Canadian Arctic. [ID:nLDE7020A0]

- The junior minor’s board on Monday reaffirmed its recommendation that shareholders reject Nunavut Iron’s revised offer to acquire a majority stake in the company. [ID:nN03192642]

- Nunavut Iron — backed by U.S. private equity firm Energy & Minerals Group and formed solely to bid for Baffinland — raised its offer late Friday by 5 Canadian cents a share to C$1.45 a share, valuing the company at about C$570 million. [ID:nN03192642]

* Ivernia Inc. IVW.TO: The miner said airborne lead levels in shipping containers do not pose a public health risk and asked to meet with Australian officials to reverse a halt on lead shipments from its Magellan mine. [ID:nL3E7C40AJ ]

* Pengrowth Energy Corp. PGF_u.TO: One of the company’s gas pipelines in north central Alberta exploded and caught fire on Saturday, forcing it to shut-in part of its production, the company said on Sunday. [ID:nN02145377]


Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Baffinland Iron Mines Corp BIM.TO target price raised to C$1.40 from C$1.25; keeps market perform rating at Raymond James

* BMO (BMO.TO) price target cut to C$61 from C$65 at KBW

* TD Bank (TD.TO) rating raised to outperform from market perform at KBW

$1=$1.00 Canadian Reporting by Kishan Nair and Bangalore Newsroom; editing by Jeffrey Hodgson

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