CANADA STOCKS-TSX may open higher on firmer resources
TORONTO, June 29 (Reuters) - Toronto's main stock index could open slightly higher on Monday, as steady commodity prices boost the resource-heavy market in a holiday-shortened week.
World stocks MIWD00000PUS steadied on Monday, while U.S. stock index futures were flat to higher as investors looked to new data later this week for clues over the direction of the recession-hit economy.[ID:nN29352880]
Markets in Canada will be closed on Wednesday for the Canada Day holiday, while U.S. markets will be closed on Friday for the Independence Day holiday weekend.
On Friday, the S&P/TSX composite index .GSPTSE closed 33.91 points, or 0.33 percent, higher at 10,389.76.
Here is some news that could affect the market:
TIM HORTONS INC (THI.TO)
Canadian fast food retailer Tim Hortons Inc (THI.TO) filed an application with U.S. regulators on Monday to reorganize as a Canadian company and warned that the move could affect its results for the remainder of the year.[ID:nN29350647]
MAGNA (MGa.TO)
Opel's finance chief plans to use just 1.2 billion euros ($1.68 billion) of a 1.5 billion euro bridge loan from the German government, setting aside the remainder as an emergency reserve, a company source said on Monday.[ID:nLT653402]
OIL RISES
Oil rose towards $70 a barrel on Monday after Nigeria's main militant group said it attacked a Royal Dutch Shell (RDSa.L) oil platform, outweighing a fairly bearish report from the International Energy Agency (IEA). [ID:nSYD480539]
GOLD, BASE METALS
Gold rose to $942 per ounce on Monday, clinging to recent gains in choppy trade as the dollar cut earlier gains with renewed caution toward riskier assets also proving supportive.[ID:nLT672582] Copper gained but other base metals were mostly weaker.[ID:nLT663092]
CANADA SIGNS FREE TRADE ACCORD WITH JORDAN
Canada on Sunday signed a free trade accord (FTA) with Jordan that lifts tariffs on the vast majority of its exports as part of a push for greater access to Middle Eastern markets, diplomats and officials said. [ID:nLS37701]
UNION WORKERS REJECT OFFER BY CANADA'S GLOBE PAPER
Unionized workers at The Globe and Mail overwhelmingly rejected what the Canadian newspaper said was its final contract offer, the union said on Saturday, but the two sides will meet again on Tuesday. [ID:nN27363426]
NORTEL NETWORK NT.TO
Creditors and suppliers of Nortel Networks (NRTLQ.PK) NT.TO filed a series of objections on Friday to the proposed sale of a unit of the bankrupt telecom equipment maker to Nokia Siemens Networks.[ID:nN26346586]
BOMBARDIER INC (BBDb.TO)
Toronto City Council approved a motion on Friday to cover a funding gap in its C$1.2 billion ($1.04 billion) deal to buy streetcars from Bombardier Inc.[ID:nN26346590]
CANADA RESEARCH
Raymond James raises Addax Petroleum AXC.TO target to C$52.80 from C$50; keeps outperform rating.[ID:nBNG493897]
Haywood raises Nexen Inc (NXY.TO) to sector outperform from sector perform.
For more research, please see: [CA-RCH]
($1=$1.15 Canadian) (Reporting by Nina Lex, Editing by Chizu Nomiyama)
