July 20, 2009 / 12:30 PM / 8 years ago

CANADA STOCKS-TSX may open higher on firm commodities

TORONTO, July 20 (Reuters) - Toronto’s main stock market index could open higher on Monday, following a rise in global equity markets, as firm oil and metal prices boost the resource-heavy index.

World stocks built on an already robust performance from last week, climbing on better-than-expected corporate earnings results and a last-minute rescue package for troubled U.S. lender CIT. [ID:nLK722309]

U.S. stock index futures rose on Monday after CIT Group Inc clinched a deal that could avoid bankruptcy, removing some uncertainty as the financial sector recovers from a deep crisis. [.N]

On Friday the S&P/TSX composite index .GSPTSE closed up 65.00 points, or 0.63 percent, at 10,369.42. The TSX added 6.3 percent last week, its biggest weekly gain since mid-May.

Here is some news that could affect the market:

TRANSALTA CROP TA.TO

TransAlta proposes an all-cash offer to acquire Canadian Hydro Developers Inc for C$4.55 per share. TransAlta says proposed transaction has an enterprise value of approximately C$1.5 billion ($1.4 billion). [ID:nWNAB8740]

MAGNA MGa.TO

Magna and Sberbank SBER.RTS have changed their offer for General Motors’ former European unit Opel, a source familiar with the matter said. [ID:nWEA1497]

AIR CANADA ACa.TO

Air Canada said on Sunday a plan to limit payments toward its C$2.9 billion pension deficit have not been opposed by retirees and managers, clearing the way for the airline to request government approval. [ID:nN17344320]

CANADIAN PACIFIC RAILWAY CP.TO

Canadian Pacific Railway Co said on Friday it has reached a tentative labor deal with the United Steelworkers union representing 1,100 Canadian workers.[ID:nN17298784]

OIL RAISES

Oil rose a dollar to above $64 a barrel on Monday, reaching the highest in almost two weeks, as equities firmed and the dollar fell on hopes of a global economic recovery. [ID:nSYD403861]

GOLD, BASE METALS

Gold rose nearly 2 percent in Europe on Monday as oil prices climbed and the dollar slipped to a six-week low against a basket of currencies, boosting the precious metal’s appeal as a currency hedge. [ID:nLK3592] Most base metal prices were higher. [ID:nLP140191]

CANADA RESEARCH

* Genuity raises Canadian Natural Resources CNQ.TO price target to C$77 from C$74; keeps buy rating.

* Genuity raises Canadian Oil Sands COS_u.TO to buy from hold; target price to C$40 from C$34.

* Genuity raises Petro-Canada PCA.TO price target to C$53 from C$52; keeps hold rating.

* Genuity cuts Nexen Inc NXY.TO price target to C$26 from C$27; keeps hold rating.

* Genuity raises Gran Tierra Energy GTE.TO price target to C$5.60 from C$4.60. [ID:nBNG441285]

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

$1=$1.10 Canadian Reporting by Nina Lex; Editing by Jeffrey Hodgson

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