TORONTO, Feb 22 (Reuters) - Toronto’s main stock market index may open higher on Monday as firm gold and oil prices and a big deal in the oilfield services industry shine the spotlight on the resource group.
Schlumberger Ltd (SLB.N) agreed to buy Smith International SII.N in an $11.34 billion all-stock deal that will boost the oilfield services leader’s revenue to double that of its nearest rival.[ID:nN21150468]
Toronto’s main stock market index edged higher on Friday, marking its eighth straight rising session, as gains in energy and financial issues outweighed a slide among gold miners.[ID:nN19123341]
Here is some of the news that may affect the market.
Oil held just under $80 a barrel on Monday, paring much of an earlier gain to a six-week high, with the dollar down as investors reassessed the prospect of an earlier U.S. interest rate rise than previously expected. [ID:nSGE61L06P]
Gold jumped to its highest in a month on Monday as the U.S. dollar took a breather from a recent rally and fund buying picked up after the euro gained on talk about a speedy bailout for debt-ridden Greece. [ID:nSGE61L01W]
Suncor Energy Inc (SU.TO) said it expects its damaged oil sands upgrader to return to production in April, adding that the fire early this month would hurt its 2010 production forecast.[ID:nSGE61L0GG]
The European Union executive denied on Monday a German magazine report that the euro zone could provide aid to Greece of 20 billion-25 billion euros ($27-$33.7 billion), saying no such plan existed.[ID:nLDE61L19D]
Canada’s Silvercorp Metals Inc (SVM.TO) agreed to buy Silvertip, an advanced stage silver-lead-zinc project, in British Columbia from Silver Standard Resources Inc SSO.TO for C$15 million.
Following is a summary of research actions on Canadian companies reported by Reuters on Monday. [RCH/CA]
* RBC raises Brookfield Asset Management (BAM.N) price target to $27 from $24; Rating Outperform
* Versant cuts Labopharm DDS.TO price target to C$3 from C$4; Rating Buy ($1=$1.04 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama)