June 30, 2009 / 12:52 PM / in 8 years

CANADA STOCKS-TSX could open higher on firm oil, metals

TORONTO, June 30 (Reuters) -Toronto’s main stock index could climb at the open on Tuesday, lifted by firm commodity prices and as investors continue to bid the market higher on optimism the world economy is stabilizing.

The MSCI world equity index .MIWD00000PUS looked set on Tuesday to log its best quarterly gain since its 1988 launch and crude oil prices were on course for their strongest quarter in 19 years. [MKTS/GLOB]

U.S. stock futures were modestly higher ahead of a batch of new data that may give investors insight into the state of the recession-hit economy on the last day of the second quarter.[ID:nN30425977]

On Monday the S&P/TSX composite index .GSPTSE rose 87.01 points, or 0.84 percent, to 10,476.77.

Here is some news that could affect the market:

GENERAL MOTORS CORP GMGMQ.PK, MAGNA MGa.TO

Belgium-based RHJ International RHJI.BR is close to a deal to buy a stake in Opel after talks between parent General Motors and preferred bidder Magna International hit snags, the Financial Times reported. [ID:nLU10757]

CANADA PENSION PLAN INVESTMENT BOARD

Shareholders in Australian investment firm Macquarie Communications Infrastructure Group MCG.AX on Tuesday voted in favour of a $1.3 billion takeover offer from the Canada Pension Plan Investment Board (CPPIB). [ID:nSYD397051]

NORTEL NETWORKS INC

A U.S. bankruptcy judge on Monday approved procedures for Nortel Networks Inc NTL_pf.TO to put most of its network carrier business up for auction in July.[ID:nLU5504401

GROUPE AEROPLAN INC AER.TO

Groupe Aeroplan Inc AER.TO, which operates Air Canada’s ACa.TO frequent flyer program, has agreed to lend the cash-strapped airline up to C$100 million, both parties said on Monday. [ID:nN29404793]

OIL RISES

Oil CLc1 climbed above $71 a barrel on Tuesday. The rise came ahead of U.S. inventory data expected to show a rise in oil product stocks. [ID:nSP479412]

GOLD, BASE METALS

Gold rose above $940 per ounce on Tuesday, helped by a weaker dollar as warming investor attitudes towards riskier assets pushed global equities higher and raised the price of oil by more than $1 per barrel.[ID:nLU288170] Base metals were also higher.[ID:nLU75053]

CAPITAL POWER CORP (CPX.TO)

Canada’s largest initial public offering of the year will be launched next month, creating the second-largest pure-play power company in the country and signaling a rebirth in the nearly moribund Canadian IPO market.

An IPO by Capital Power Corp (CPX.TO) is being marketed to investors in Canada, the United States and Europe, and is expected to close on July 9, when the issue will start regular trading on the Toronto Stock Exchange. [ID:nN29407521]

GLOBE NEWSPAPER, UNION EXTEND TALKS

The union representing workers at Canada’s Globe and Mail newspaper has agreed with the paper to sit down with a mediator to try to hammer out a new contract and avoid a strike, the union said on Monday. [ID:nN29400038]

NAVISTAR INTERNATIONAL CORP

Navistar International Corp (NAV.N) is set to significantly reduce its presence in Canada as it shifts much of its heavy-duty truck production to more cost-competitive locations in the southwestern United States and Mexico.[ID:nN29393986]

CANADA RESEARCH

Versant Partners starts Aeterna Zentaris AEZS.O AEZ.TO with buy rating; price target of $6.50.[ID:nBNG182080]

Genuity cuts Manulife Financial (MFC.TO) to hold from buy.

Raymond James raises Petro Andina PAR.TO price target to C$12.50 from C$12; keeps outperform rating.

For more research, please see: [CA-RCH] ($1=$1.15 Canadian) (Reporting by Nina Lex; Editing by Theodore d‘Afflisio)

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