December 7, 2009 / 1:45 PM / 8 years ago

CANADA STOCKS-Toronto index could fall as oil, metals drop

TORONTO, Dec 7 (Reuters) - Toronto’s main stock market index will likely open lower on Monday as weak commodity prices, pressured by strength in the U.S. dollar, hit shares of weighty energy and mining companies.

Toronto’s S&P/TSX composite index .GSPTSE could extend Friday’s 1 percent loss, following global stocks lower as investors grow more certain that U.S. interest rates could rise soon after the previous session’s robust jobs report. [MKTS/GLOB]

Here is some news that could affect the market:

CF RAISES OFFER FOR TERRA BY $4.75/SHARE

Fertilizer maker CF Industries (CF.N) said on Monday it raised its bid for Terra Industries Inc TRA.N by $4.75 in cash per share, bringing the value of the hostile takeover bid at $4.58 billion. [ID:nN07156268]

POTASH CORP (POT.TO), AGRIUM INC (AGU.TO)

UBS raises Agrium Inc (AGU.N) to “buy” from “neutral” and Agrium Inc’s price target to $72 from $50.

UBS raises Potash Corp (POT.N) price target to $120 from $95; rating “neutral.”

Goldman Sachs raises Potash Corp (POT.N) to “buy” from “neutral.”

FRANCO-NEVADA CORP (FNV.TO)

Canada’s Franco-Nevada Corp, a gold-focused resource royalty company, said on Sunday it will offer C$6.75 a share to buy smaller rival International Royalty Corp IRC.TO. [ID:nN06147227]

OIL DROPS

Oil prices fell below $75 a barrel on Monday as a rising dollar sent investors away from risk and global markets began to speculate on when the United States would raise its interest rates. [O/R]

GOLD, BASE METALS SLIDE

Gold prices fell 2 percent to session lows in Europe on Monday on selling prompted by the dollar’s rise to a five-week high versus the euro following above-consensus jobs data in the United States on Friday.[GOL/]

Industrial metals also fell as the dollar rose. [MET/L]

RESEARCH IN MOTION RIM.TO

Digital China (0861.HK), a Hong Kong-listed information technology company, will distribute Research In Motion’s Blackberry handsets, accelerating RIM’s effort to expand into mainland China. [ID:nTOE5B60DJ]

THOMPSON CREEK METALS TCM.TO

Canadian molybdenum miner Thompson Creek Metals said it plans to expand ore-processing capacity at Endako mine in British Columbia and expects to spend a major chunk of its planned 2010 capital expenditure of $298 million on the mine. [ID:nBNG434176]

BAY STREET COLUMN

Baytex Energy Trust’s BTE_u.TO surprise distribution hike won’t be matched by most Canadian energy trusts, as they ready their balance sheets for pending corporate conversions and cope with depressed natural gas prices. [ID:nN04247404]

CANADA RESEARCH

Macquarie cuts price target of Royal Bank of Canada (RY.TO) to C$59 from C$60.50; rating “outperform.”

RBC starts Consolidated Thompson Iron Mines CLM.TO with “outperform” rating; price target of C$7.

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

$1=$1.06 Canadian Reporting by Jennifer Kwan and Irene Kuan; Editing by Padraic Cassidy

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