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CANADA STOCKS-TSX may open higher on gold, oil

Mon Nov 16, 2009 7:54am EST

Stocks

   

TORONTO, Nov 16 (Reuters) - Toronto's main stock market index could open higher on Monday as gold prices climbed to a fresh high and oil rose, while investors await October U.S. retail sales due out before the market's open.

Stocks  |  Global Markets

The resource-heavy index is expected to add to Friday's modest gains as the price for the gold hit a new high above $1,130 an ounce as momentum from recent gains and a slide in the U.S. dollar index .DXY sparked fund buying of the precious metal. [nLG429776]

Oil is also seen spurring activity on Monday as U.S. crude climbed 1.1 percent on the back of the weaker U.S. currency. [nSYD218149]

Toronto's main stock index finished higher on Friday as stronger bullion prices pushed up shares of heavyweight miners, while Suncor Energy Inc (SU.TO) rose on multibillion-dollar plans to boost crude production. [nN13327808]

Here is some of the news that may affect the market:

GENERAL MOTORS

General Motors Co. GM.UL said on Monday it plans to start repaying a $6.7 billion loan to the U.S. Treasury by year-end on modest operating improvements and make another payment to the Canadian government. [nLG238106]

BROOKFIELD GROUP

Shareholders in Babcock & Brown Infrastructure BBI.AX on Monday approved a $1.7 billion plan backed by Canada's Brookfield Group (BAMa.TO) to rescue the debt-saddled Australian port, railway and pipeline asset manager. [nSYU009044]

AECON GROUP

Aecon Group (ARE.TO) said on Monday it won a key oil sands project that would see it complete the field construction of Suncor's Firebag 3 central plant facilities. [nWNAB6216]

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian companies reported by Reuters on Monday. [RCH/CA]

*Barclays initiates coverage of Canadian banking sector with a "neutral" rating.

*Genuity raises Jazz Air Income Fund (JAZ_u.TO) price target to C$5.25 from C$5; Rating "buy."

*Raymond James cuts Uranium One Inc (UUU.TO) to "market perform" from "outperform"; target price to C$3.70 from C$4. ($1=$1.05 Canadian) (Reporting by Scott Anderson; Editing by Padraic Cassidy)

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