CANADA STOCKS-TSX may open higher on mining stocks

Aug 23 (BestGrowthStock) – Toronto’s main stock index could open
higher on Monday, led by mining stocks, on optimism that
Australia’s inconclusive weekend elections could spell the end
to a controversial tax.


* Canadian equity futures (0#SXF:: ) pointed to a higher

* U.S. stock index futures rose on Monday, following two
weeks of losses for the S&P and Dow, as sentiment was lifted by
several potential mergers and deals. [.N]

* European shares rose with miners and financials among the

* Asian stocks steadied, underpinned by a rally in
Southeast Asian stocks that drove Jakarta to a record peak as
foreign investors keep chasing its surprisingly strong growth


* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, rose 0.30 percent in early trade.

* Oil rebounded to top $74 a barrel on Monday on a weaker
dollar, but prices stayed close to last week’s six-week lows on
bulging U.S. inventories and a lack of hurricane activity in
the Gulf of Mexico. [O/R]

* Gold prices held steady near $1,230 an ounce in Europe on
Monday as uncertainty over the outlook for the global economy
continued to support investment in the precious metal as a safe
store of value. [GOL/]

* Copper held firm on Monday but was seen undermined by a
stronger dollar and doubts about the strength of demand in top
consumers China and the United States. [MET/L]


* Potash Corp (POT.TO: ): Potash Corp’s board urged
shareholders to reject BHP Billiton’s (BHP.AX: ) (BLT.L: ) hostile
$39 billion offer and said it was in talks with a number of
potential suitors for a superior deal. [ID:nSGE67M0GB]

— The world’s largest producer of potash has been
contacted by China’s Sinochem Group and Brazil’s Vale
(VALE5.SA: ) as the Canadian firm battles a hostile takeover
offer from BHP Billiton, Bloomberg reported. [ID:nSGE67M0GB]

— BHP Billiton’s entry into the potash industry through a
bid for market leader Potash Corp could shake up a cozy system
of pricing and production if, as some expect, the newcomer
shuns existing arrangements and runs plants at full capacity.

* First Quantum Minerals (FM.TO: ): Kazakh mining group ENRC
(ENRC.L: ) has agreed to pay $175 million for a majority stake in
a company that has licenses for copper assets in Congo,
including a permit revoked from Canada’s First Quantum
Minerals. [ID:nLDE67J1C1]

* Shaw Communications Inc (SJRb.TO: ) (SJR.N: ): The Canadian
cable and telecom company said the Shaw family and entities
owned or controlled by them bought an additional 1 million
class B non-voting shares of the company. [ID:nSGE67J0JP]

* Khan Resources Inc (KRI.TO: ): Khan Resources has sued
Russia’s state-owned uranium miner ARMZ in the Ontario Superior
Court seeking C$300 million in damages for alleged unlawful
interference in the Canadian explorer’s Mongolian operations.


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

Note: All values in ANALYST RECOMMENDATIONS in Canadian
currency, unless otherwise stated.

* Research In Motion (RIMM.O: ) (RIM.TO: ) target price cut to
US$67 from US$85; rating buy at Wunderlich Securities

($1=$1.05 Canadian)

(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Frank McGurty)

CANADA STOCKS-TSX may open higher on mining stocks