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 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 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 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]
* 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