TORONTO (Reuters) - Toronto's main stock market index could open higher on Monday, following a rise in global equity markets, as firm oil and metal prices boost the resource-heavy index.
World stocks built on an already robust performance from last week, climbing on better-than-expected corporate earnings results and a last-minute rescue package for troubled U.S. lender CIT.
U.S. stock index futures rose on Monday after CIT Group Inc clinched a deal that could avoid bankruptcy, removing some uncertainty as the financial sector recovers from a deep crisis. <.N>
On Friday the S&P/TSX composite index <.GSPTSE> closed up 65.00 points, or 0.63 percent, at 10,369.42. The TSX added 6.3 percent last week, its biggest weekly gain since mid-May.
Here is some news that could affect the market:
TRANSALTA CROP
TransAlta proposes an all-cash offer to acquire Canadian Hydro Developers Inc for C$4.55 per share. TransAlta says proposed transaction has an enterprise value of approximately C$1.5 billion ($1.4 billion).
MAGNA
Magna and Sberbank have changed their offer for General Motors' former European unit Opel, a source familiar with the matter said. [ID:nWEA1497]
AIR CANADA
Air Canada said on Sunday a plan to limit payments toward its C$2.9 billion pension deficit have not been opposed by retirees and managers, clearing the way for the airline to request government approval.
CANADIAN PACIFIC RAILWAY
Canadian Pacific Railway Co said on Friday it has reached a tentative labor deal with the United Steelworkers union representing 1,100 Canadian workers.[ID:nN17298784]
OIL RAISES
Oil rose a dollar to above $64 a barrel on Monday, reaching the highest in almost two weeks, as equities firmed and the dollar fell on hopes of a global economic recovery.
GOLD, BASE METALS
Gold rose nearly 2 percent in Europe on Monday as oil prices climbed and the dollar slipped to a six-week low against a basket of currencies, boosting the precious metal's appeal as a currency hedge. Most base metal prices were higher.
CANADA RESEARCH
* Genuity raises Canadian Natural Resources price target to C$77 from C$74; keeps buy rating.
* Genuity raises Canadian Oil Sands to buy from hold; target price to C$40 from C$34.
* Genuity raises Petro-Canada price target to C$53 from C$52; keeps hold rating.
* Genuity cuts Nexen Inc price target to C$26 from C$27; keeps hold rating.
* Genuity raises Gran Tierra Energy price target to C$5.60 from C$4.60.
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($1=$1.10 Canadian)
(Reporting by Nina Lex; Editing by Jeffrey Hodgson)
