June 16, 2009 / 12:49 PM / 8 years ago

CANADA STOCKS-TSX may rise in tandem with commodities

TORONTO, June 16 (Reuters) - Toronto’s main stock index could open higher on Tuesday as a weaker U.S. dollar lifts commodity prices, bolstering the resource-laden TSX.

Global equities were off earlier lows on Tuesday, boosted in part by a survey showing German investor confidence surged in June [MKTS/GLOB]. U.S. stock index futures pointed to a higher open.

On Monday, the S&P/TSX composite index .GSPTSE ended down 250.18 points, or 2.35 percent, at 10,394.78. All 10 of its main sectors ended lower.

Here is some news that could affect the market:

AIR CANADA ACa.TO ACb.TO

Air Canada ACa.TO ACb.TO said it has completed tentative agreements with all its unionized workforce in the country on a pension funding moratorium. [ID:nBNG112694]

CANADA PENSION PLAN INVESTMENT BOARD

A Canadian pension fund moved closer to sealing a takeover of Australia’s Macquarie Communications Infrastructure Group MCG.AX on Tuesday, raising its offer to $1.3 billion and securing the approval of the two biggest shareholders.

The Canada Pension Plan Investment Board (CPPIB) said Macquarie Communications (MCIG) shareholders would get a special cash dividend of A$0.50 per security if they approved the offer. [ID:nSYD159098]

URANIUM ONE UUU.TO

Uranium One UUU.TO plans to leverage its new links with Russia and Japan into a top-tier position among uranium producers, and sees Africa as the next hot spot for mining of the increasingly in-demand mineral, CEO Jean Nortier said on Monday. [ID:nN15221087]

RESEARCH IN MOTION RIM.TO

Research In Motion RIM.TO RIMM.O is adding another smartphone to its BlackBerry lineup as it aims to win market share among both executives and mainstream. [ID:nN15191386]

AGNICO-EAGLE MINES LTD (AEM.TO)

Canadian gold producer Agnico-Eagle Mines Ltd (AEM.TO) has signed a new credit facility with a syndicate of international banks that increased its credit lines to over $900 million. [ID:nLG315177]

HEROUX-DEVTEK INC (HRX.TO)

Heroux-Devtek Inc (HRX.TO) says it obtains another multi-year contract for the F-35 lightning II agreement covering electronic chassis components worth over C$10 million.[ID:nWNAB0060]

TALISMAN ENERGY INC TLM.TO

British oil and gas explorer Rift Oil Plc RIFT.L said it agreed to be acquired by Canada’s Talisman Energy Inc TLM.TO in a cash deal valued at about 114.8 million pounds.[ID:nBNG361848]

WEST FRASER TIMBER CO (WFT.TO)

West Fraser Timber Co (WFT.TO) said on Monday it will temporarily idle three of its British Columbia sawmills as lumber markets continue to sag. [ID:nN15241336]

ADDAX PETROLEUM AXC.TO

China’s Sinopec Group, Asia’s top oil refiner, has made no significant progress with its bid for Swiss-based oil explorer Addax Petroleum AXC.TO, Caijing magazine quoted an unnamed company official as saying on Tuesday.[ID:nPEK36764]

OIL RISES

Oil rose towards $72 a barrel on Tuesday as the dollar slid after Russia said the world needed new reserve currencies.[ID:nSIN211126]

GOLD UP, BASE METALS

Gold rose in Europe on Tuesday, recovering some of the previous session’s losses, as the dollar fell broadly and a rebound in oil prices boosted the bullion’s appeal as a hedge against potential oil-induced inflation. [ID:nLG679421] Base metals were also higher. [ID:nLG1040798]

CANADA RESEARCH

RBC raises Uranium One UUU.TO price target to C$2.75 from C$2; rating sector perform.

UBS cuts Methanex Corp MEOH.O to neutral from buy; raises price target to $14 from $12.

RBC raises Research in Motion RIMM.Oprice target to $100 fro $90; rating outperform.

For more research, please see: [CA-RCH] ($1=$1.12 Canadian) (Reporting by Jennifer Kwan; Editing by Frank McGurty)

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