June 14, 2010 / 12:52 PM / in 7 years

CANADA STOCKS-TSX may open higher on commodity gains

June 14 (Reuters) - Toronto’s main stock index could open higher on Monday as commodity prices gained, signaling growing investor confidence in the global economic recovery.

Wall Street is also set to open higher after data showed euro zone industrial output in April surged year-on-year more than in any month in almost two decades. [.N]

European shares touched a four-week high, with banks being the top gainers, and as Germany and France launch a decisive week for reforms in Europe aimed at preventing a repeat of Greece’s debt crisis. Asian stocks rose to a one-month high, led by a rally in the technology sector.

Here is some news that could affect stock prices:

OIL RISES

Oil prices rallied by 2 percent to $75 a barrel on Monday as renewed optimism about the global recovery boosted the outlook for fuel demand and sent Asian and European stock markets to their highest level in four weeks. [O/R]

COPPER UP

Copper hit its highest in just over a week on Monday as risk aversion in the wider markets ebbed and investors focused on still strong demand signals, setting aside macro-economic worries for now. [MET/L]

GOLD GAINS

Gold rose back above $1,230 an ounce in Europe on Monday amid expectations government measures to address elevated sovereign debt levels may ultimately prove inflationary, and as investors bet interest rates will stay low. [GOL/]

DANA TO BUY PETRO CANADA UNIT

British oil and gas company Dana Petroleum said it agreed to buy Petro Canada Netherlands for around 270 million pounds ($393.3 million) to boost its reserves and production. Petro Canada Netherlands is a unit of Petro Canada Holdings, a subsidiary of energy company Suncor (SU.TO). [ID:nLDE65D073]

IMAX‘S CHINA DEAL

Canada’s IMAX Corp IMX.TO and China’s Wanda Cinema Line Corp on Monday signed a deal to add three additional digital theatre locations in China. [ID:nSGE65D0GB]

RBC CAPITAL EYES EUROPEAN DEALS

Royal Bank of Canada (RY.TO) on Monday said it would consider buying a London-based boutique investment bank to speed its expansion efforts, after unveiling plans on Monday to hire 75 more staff across Europe. [ID:nLDE65D0Q8]

RESEARCH ROUNDUP

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

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Black Diamond Group Ltd BDI.TO raised to outperform from market perform at Raymond James

* Breakwater Resources Ltd BWR.TO cut to $5.75 from $6; rating outperform at Raymond James

* New Gold Inc NGD.TO changed to neutral from buy at UBS

* Patheon Inc PTI.TO raised to $4.50 from $4; rating outperform at RBC

* Imris Inc IM.TO coverage started with $9 target, rating buy at Paradigm

* Toromont Industries Ltd TIH.TO raised to hold from sell at Desjardins ($1=$1.03 Canadian) (Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Jeffrey Hodgson)

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