TORONTO, Nov 23 (Reuters) - Canada’s main stock market index could open higher on Monday as the resource-laden index gets a boost from record gold and firmer oil prices, while the U.S. dollar weakened.
Canadian investors will also digest the latest Canadian economic data that showed retail sales grew twice as much as expected in September from August, led by used and recreational vehicle dealers and supermarkets, Statistics Canada data said Monday. For details, see [ID:nOTT003784]
Toronto’s main stock index fell Friday as weaker oil prices, caused partly by a stronger U.S. dollar, weighed on resource issues. [ID:nN20244245]
Here is some of the news that may affect the market:
Gold hit a record high at $1,167.45 an ounce Monday as dollar weakness pushed the metal through key technical resistance levels, fueling momentum buying after 1 sharp run higher earlier this month. [ID:nGEE5AM0FB]
Oil prices rose 2 percent to move above $79 a barrel Monday on weakness in the dollar and signs of buoyant demand from China, the world’s second-largest energy consumer. [ID:nSYD484303]
Canadian fertilizer maker Agrium Inc AGU.TO said Monday it plans to continue in its hostile bid for U.S. rival CF Industries Holdings Inc (CF.N), a move that could prolong the already drawn-out three-way merger battle in the sector.[ID:nN23240167]
Ciena Corp CIEN.O will buy the optical networking and carrier ethernet business of bankrupt Nortel for $769 million after it trumped Nokia Siemens Networks [NSN.UL] in a three-day auction.[ID:nGEE5AM0EO]
First Quantum Minerals Ltd (FM.TO)FQM.L has agreed to buy Kiwara Plc KIWA.L in a cash-and-stock deal worth $260 million to expand its copper mining operations in Zambia, the firms said Monday. [ID:nGEE5AM0E2]
Following is a summary of research actions on Canadian companies reported by Reuters on Monday. [RCH/CA]
* RBC cuts George Weston Ltd (WN.TO) price target to C$74 from C$75; Rating “outperform”
* Raymond James starts Cameco Corp (CCO.TO) with “market perform” rating; Target price of C$37.50.
(Reporting by Scott Anderson; editing by Jeffrey Benkoe)
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