TORONTO, Sept 15 (Reuters) - Canada’s S&P/TSX composite index .GSPTSE will face pressures both from financial turmoil in the United States and from lower oil prices on Monday. Here is some of the news that is likely to influence the market. Reuters has not verified press reports and does not vouch for their accuracy.
Wall Street fixture Lehman Brothers files for bankruptcy protection and Merrill Lynch MER.N agrees to be taken over by Bank of America Corp (BAC.N). American International Group Inc (AIG.N) is reported to be seeking help from the Federal Reserve. For details, see [ID:nN13574113]
OIL CLc1 SLIDES BELOW $100
Oil plunges $7 to below $95 a barrel by 1135 GMT, as investors flee to safer havens due to turmoil in the U.S. financial system and on early signs Hurricane Ike spared key U.S. energy infrastructure. [ID:nSYD347689]
Gold rises more than 2 percent to above $772 an ounce on safe-haven buying and a weaker U.S. dollar after Lehman Brothers filed for bankruptcy protection [ID:nLF729185], while industrial metals sank. [ID:nLF422588]
Virtek Vision announces receipt of unsolicited interest from Jaguar Financial Corp, which is contemplating a cash offer of C$1.05 per share plus additional consideration. [ID:nWNA3867]
Sceptre Investment Counsel Ltd may get more attention as a potential takeout candidate, with merger activity among Canadian institutional money managers this year, the Globe and Mail newspaper reported on Monday.
MAGNA ENTERTAINMENT CORP MECa.TO
Magna Entertainment Corp announced amendments and extensions of financing arrangements, including extending the maturity date of its $40 million senior secured revolving credit facility.
Unionized workers at Canada’ largest grain company will suspend their strike at the company’s Saskatchewan headquarters and vote on a new pay offer, the company said at the weekend. [ID:nN13455712]
POTASH CORP OF SASKATCHEWAN INC (POT.TO)
Potash Corp and Agrium Inc (AGU.TO) are among a host of potash producers and suppliers that have been sued by a Minnesota fertilizer maker, Minn-Chem Inc, alleging price-fixing schemes by the companies. [ID:nN12410319]
Canada’s Conservative party have a lead of anywhere from eight to 14 percentage points over the opposition Liberals in recent opinion polls ahead of the Oct. 14 election. [ID:N15499119] ($1=$1.07 Canadian) (Reporting by Jennifer Kwan; editing by Janet Guttsman)