March 31, 2009 / 12:39 PM / 9 years ago

CANADA STOCKS-TSX may rise after big sell-off; oil climbs

TORONTO, March 31 (Reuters) - Toronto’s main stock index could open higher on Tuesday, helped by firmness in oil and metals prices and as global equities rebounded after stumbling the previous session.

Global stocks looked set to log their best monthly performance in more than six years in March. [MKTS/GLOB]. U.S. stock index futures pointed to a higher open. [ID:nLV539850]

On Monday, the S&P/TSX composite index .GSPTSE closed down 224.84 points, or 2.55 percent, at 8,596.22, wiping out much of last week’s 3.7 percent gain, as troubles in the North American auto sector and the European banking industry rattled investor sentiment.

Here is some news that could affect the market:

AIR CANADA ACa.TO

Air Canada, Canada’s biggest airline, said its chief executive Montie Brewer resigned, effective April 1. Calin Rovinescu, a former senior executive with the airline, will succeed Brewer, the company said in a statement late on Monday. [ID:nBNG455095]

CANADA PENSION PLAN INVESTMENT BOARD

The Canada Pension Plan Investment Board has offered $930 million to buy Australian investment firm Macquarie Communications Infrastructure Group MCG.AX, sending MCG’s shares up over 50 percent. [ID:nSYD43219]

ROGERS COMMUNICATIONS RCIb.TO

Rogers Communications, which owns Canada’s biggest wireless carrier, on Monday named Nadir Mohamed as its new chief executive. [ID:nN30370407]

HARRY WINSTON DIAMOND HW.TO

Diamond miner and retailer Harry Winston Diamond Corp HWD.N said Diavik diamond mine, in which it owns a 40 percent stake, will take two production shutdowns and also hasten the process of employee reductions to address challenging global market conditions. [ID:nBNG451857]

OIL CLIMBS

Oil rose towards $50 a barrel CLc1 on Tuesday, heading for its largest monthly and quarterly gain since June 2008, gaining a lift from rising stock markets and a weaker dollar. [ID:nLV397488]

GOLD, BASE METALS

Gold prices held steady on Tuesday, but easing worries about financial markets, a stock market rally and a stronger dollar are expected to undermine sentiment ahead of a meeting of G20 leaders. [ID:nLV282030] Base metals were mostly higher. [ID:nLV351069]

CANADIAN RESEARCH

Raymond James downgraded Nexen Inc NXY.TO NXY.N to “market perform” from “outperform”. [ID:nBNG459937]

RBC raises FNX Mining FNX.TO price target to C$5.50 from C$5, while it cuts Iamgold Corp IMG.N price target to $9.75 from $10. [ID:nBNG464579] [CA-RCH] ($1=$1.25 Canadian) (Reporting by Jennifer Kwan; Editing by James Dalgleish)

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