CANADA STOCKS-TSX set to open higher on Potash Corp bid

Aug 17 (BestGrowthStock) – Toronto’s main stock index was set to
open higher on Tuesday, boosted by an unsolicited $38.6 billion
bid for Potash Corp of Saskatchewan (POT.TO: ), one of the
largest and highest profile resource companies listed on the

Potash Corp said its board rejected the blockbuster bid
from BHP Billiton’s (BHP.AX: ) (BLT.L: ), terming it as “grossly
inadequate.” [ID:nSGE67G0DT]

But the offer raised the prospect of a higher bid for the
company and other merger and acquisition deals in Canada’s
resource sector, which should boost stock prices.

Potash Corp shares jumped 30 percent to $145.25 in
pre-market trade on the New York Stock Exchange, well above
BHP’s offer price of $130 a share.


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

* U.S. stock index futures rose on Tuesday after bellwether
retailers Wal-Mart (WMT.N: ) and Home Depot (HD.N: ) posted
better-than-expected quarterly profits, but Wal-Mart cautioned
about the strength of the U.S. consumer. [.N]

* European shares rose on Tuesday as Aegon (AEGN.AS: ) pushed
insurers higher after the European Union approved its
recapitalisation. [.EU]

* Major markets in Asia rose but Nikkei bucked the trend to
close at its lowest in more than eight months.


* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, rose 0.47 percent in early trade.

* Oil snapped a five-day losing streak to rebound above $76
a barrel on Tuesday as firmer equity markets and a weaker
dollar outweighed concerns about the pace of global economic
recovery. [O/R]

* Gold briefly touched its highest level in nearly two
months on Tuesday, boosted by a weak dollar and expectations of
further buying by investors concerned about financial stability
and looking for perceived safe haven assets. [GOL/]

* Expectations of strong physical demand and a weaker
dollar drove copper to a one-week high on Tuesday, despite
growing doubts about economic growth prospects in the United
States, the world’s largest economy. [MET/L]


* Agrium Inc (AGU.TO: ): The Canadian fertilizer maker said
on Tuesday it did not have any “specific plans” to break up
Australian grains firm AWB (AWB.AX: ) if its $1.1 billion
takeover bid was successful. [ID:nSGE67G00Y]

* Research In Motion (RIM.TO: ) (RIMM.O: ): RIM has assured
India of limited access to BlackBerry instant messages by Sept.
1, and promised talks this week on monitoring its more secure
corporate email, a government source said on Monday.

* Enbridge Inc (ENB.TO: ): Enbridge has cut oil flows by 8
percent on a major pipeline that is an alternative to the one
that ruptured in Michigan last month, an executive said on
Monday, as the company waits for regulators to respond to its
reworked plan to restart the downed line. [ID:nN16270522]

* Cisco Systems (CSCO.O: ): Cisco Systems has filed a patent
complaint in a U.S. court against Mosaid Technologies (MSD.TO: )
in a dispute over royalties, the Canadian patent licensing firm
said on Monday. [ID:nN16273183]

* Forbes Energy Services Ltd (FRB.TO: ): The oilfield
services contractor on Monday posted a narrower quarterly loss
beating its prior outlook, helped mainly by higher utilization
and pricing in its key divisions, which it expects to continue
for the rest of the year. [ID:nSGE67F0KW]


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

* Anvil Mining (AVM.TO: ) cut target price to C$5 from
C$5.50; rating outperform at Raymond James

* Avenir Diversified Income Trust (AVF_u.TO: ) target price
cut to C$5.75 from C$6; rating outperform at Raymond James

* Bankers Petroleum (BNK.TO: ) resumed with outperform rating
at Macquarie

* Taseko Mines (TKO.TO: ) target price raised to C$7.50 from
C$7; rating outperform at Raymond James

* Xtreme Coil Drilling (XDC.TO: ) target price raised to
C$3.60 from C$3.40; rating sector perform at National Bank

($1=$1.04 Canadian Dollar)
(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Jeffrey Hodgson)

CANADA STOCKS-TSX set to open higher on Potash Corp bid