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CANADA STOCKS-TSX may open lower as oil and metals fall

Mon Jul 6, 2009 8:42am EDT

Stocks

   

TORONTO, July 6 (Reuters) - Toronto's main stock market index could open lower on Monday, as weaker commodity prices weigh on the resource-heavy market.

Second thoughts about the U.S. economy's ability to recover hit global stocks on Monday and gave the U.S. dollar a modest boost. [ID:nL697297]

U.S. stock index futures pointed to a lower open on Monday with a slide in oil prices set to weigh on energy shares and as investors remained anxious about the potential strength of the economic recovery.[ID:nN06546290]

On Friday the S&P/TSX composite index .GSPTSE closed 37.19 points, or 0.36 percent, higher at 10,283.10. For the week, it fell 1 percent.

Here is some news that could affect the market:

MAGNA (MGa.TO)

General Motors Europe President Carl-Peter Forster expects to sell German unit Opel to Canadian auto parts supplier Magna soon, he told a German newspaper. [ID:nL557832]

NORTEL NETWORKS (NRTLQ.PK)

MatlinPatterson Global Advisors, a private equity firm specialising in distressed investments, is considering leading a rescue bid for the whole of Nortel Networks, The Financial Times reported on Sunday. [ID:nN05223279]

G8 DEVELOPMENTS

The Group of Eight nations should not presume a global economic recovery is near, World Bank President Robert Zoellick said in a letter to G8 host Italian Prime Minister Silvio Berlusconi obtained by Reuters on Monday. [ID:nL6421718]

OIL FALLS

Oil fell to around $64 a barrel on Monday and touched a five-week low, pressured by doubts over the prospects for a global economic recovery. [ID:nSYD537953]

GOLD, BASE METALS

Gold slipped in Europe on Monday, pressured by gains in the dollar as investors bought the currency as a safe store of value amid fears over the outlook for the global economy.[ID:nL6606347] Base metals were also lower [ID:nN05223279].

DENISON MINES

Korea Electric Power Corp (KEPCO) has acquired 17 percent of Canadian uranium company Denison Mines to guarantee access to its uranium, the Korean company said in a statement on Monday. [ID:nSEO323469]

CANADA RESEARCH

* Macquarie raises Denison Mines Corp (DML.TO) to neutral from underperform. [ID:nWNAB4450]

* UBS cuts Alamos Gold Inc (AGI.TO) price target to C$11.25 from C$11.50. [ID:nWNAB4464]

* UBS raises Transcanada Corp (TRP.TO) price target to C$45 from C$42; keeps buy rating. [ID:nWNAB4480]

For more research, please see: [CA-RCH]

($1=$1.16 Canadian) (Reporting by Nina Lex; Editing by Jeffrey Hodgson)



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